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economics chapter 6

test 4-28-15

QuestionAnswer
gives creditors a "fair share" pro rata
what is pro rata? a plan to pay off debt
"I love debt" score FICO score
what is a FICO score? credit bureau
using another person's information to obtain goods or services identity theft
TransUnion credit bureau
what are the names of the three credit bureau's? Experian, TransUnion, and Equifax
court order allowing a lender to take money directly from the debtor's paycheck garnishment
trained salespeople or telemarketers collectors
food, shelter, clothing transportation Four Walls
what can be switched sometimes in the Four Walls? instead of clothing it can be utilities
True or False: You should always pay collectors first. False: You should NEVER pay the collectors first you pay necessities first
True or False: The best way to deal with debt is with a plan True
True or False: The Federal Fair Debt Collection Practices Act allows creditors to call between 7 am and 10 pm. False: it is 8am to 9pm
True or False: If you are a victim of identity theft, you are only responsible for the first $250 of debt. Fasle: you don't owe anything
True or False: You should check your credit report every year. True
The law passed in 1977 to protect you from unfair collectors is FFDCPA
Which of the following is one of the Four Walls? a. cable television b. mortgage payment c. cell phone bill d. designer jeans mortgage payment
It is a good idea to check your credit report when? every year
Which of the following tactics are collectors likely to use? lying, harassment, and being friendly
Which of the following is not a way to build your FICO score? pay cash for all purchases
Which piece of information, if stolen, is not likely to lead to identity theft? a. driver's license b. phone number c. credit card number d. Social Security number phone number
The pro rata payment includes which elements? repaying of debt as soon as possible, using the Fours Walls to set priorities, giving a percentage of debt to teach creditor
The fastest growing group of people filing for bankruptcy are who? under 25 (college kids)
What is the best way to deal with collectors? Have a plan –> tell them when you will take their call, record their call and then you send them a pro rata plan
Explain the steps to take if you find an error on your credit report. 1.file a complaint/report with the credit bureau 2. provide documentation 3. send certified mail
List some precautions to take to help safeguard against identity theft. 1. NEVER carry original Social around 2. Do not EVER give away personal information unnecessarily 3. Keep credit card number in a safe place
Describe some common tactics used by collectors. Why do they use these? harassment, really nice, lying ... they are trying to get the payment
Refute the myth, "I need to build my credit score." "I love debt" score, I don't want to be in debt
Case studies
Aaron and Hannah are late making their payments & collectors are beginning to call daily.. Threatening... collectors are getting more and more.. What advice to give Aaron and Hannah? Devise a plan for them to follow, including how to deal with collectors 1. Need a plan 2. avoid bankruptcy, follow plan (baby step or pro rata)
Chelsea is behind on her credit card & car payments. One collector is calling her at work & THREATENING TO GARNISH WAGES... She does have a finical plan.. but considering not making her mortgage.. How do we help Chelsea deal with this collector & plan 1. Report them, record them, then get a plan together 2. She needs to make the payment, it is a necessity
Neal recently received a call from the bank telling him he was late on a payment... thing is Neal is debt free with no loans.. What problem does Neal most likely have and what steps does he need to take to correct it? Needs to check credit score, has identity theft - 1. file a police report, report to the credit bureau 2. needs it in writing, documentation, and in certified mail so you have the evidence
Created by: a.allsup
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