HUD Housing Counselor Exam- Module 1.2:
Financial management/credit Questions And
Answers Verified 100% Correct
Fair and Accurate Credit Transactions Act (FACTA) - ANSWER -you have the right to a
free annual credit report
-you have the right to place a fraud alert on your credit file
-credit card numbers must be truncated so the full number is not visible on receipts
Fair Credit Billing Act (FCBA) - ANSWER -You can dispute billing errors associated
with credit card account
- Must be billed in a timely manner
Which federal law protects a consumer's right to dispute a billing error associated with
his or her credit card account? - ANSWER Fair credit billing act (FCBA)
A credit report contains information that each credit bureau has on a consumer. Info
collected by a credit bureau includes details such as: - ANSWER -history of accounts
-number of inquiries
-number of collections
What does the personal information section of a credit report include? - ANSWER
name, social, addresses, phone numbers, and employers
What does the account/tradeline info section of a credit report include? - ANSWER
payment history, account dates, credit limits, and balances owed
What does the public records section of a credit report include? - ANSWER
bankruptcy, judgements, tax liens, and wage garnishments
What does the inquiries section of a credit report include? - ANSWER requests initiated
by a company or person for a consumer's credit profile information
Which section of a credit report will contain employer details? - ANSWER personal
information
Which section of a credit report will contain info about a student loan? - ANSWER
account info
Which section of a credit report will contain court info such as bankruptcy? - ANSWER
public records
Which section of a credit report will show recent attempts to open a credit card? -
ANSWER inquiries
Financial management/credit Questions And
Answers Verified 100% Correct
Fair and Accurate Credit Transactions Act (FACTA) - ANSWER -you have the right to a
free annual credit report
-you have the right to place a fraud alert on your credit file
-credit card numbers must be truncated so the full number is not visible on receipts
Fair Credit Billing Act (FCBA) - ANSWER -You can dispute billing errors associated
with credit card account
- Must be billed in a timely manner
Which federal law protects a consumer's right to dispute a billing error associated with
his or her credit card account? - ANSWER Fair credit billing act (FCBA)
A credit report contains information that each credit bureau has on a consumer. Info
collected by a credit bureau includes details such as: - ANSWER -history of accounts
-number of inquiries
-number of collections
What does the personal information section of a credit report include? - ANSWER
name, social, addresses, phone numbers, and employers
What does the account/tradeline info section of a credit report include? - ANSWER
payment history, account dates, credit limits, and balances owed
What does the public records section of a credit report include? - ANSWER
bankruptcy, judgements, tax liens, and wage garnishments
What does the inquiries section of a credit report include? - ANSWER requests initiated
by a company or person for a consumer's credit profile information
Which section of a credit report will contain employer details? - ANSWER personal
information
Which section of a credit report will contain info about a student loan? - ANSWER
account info
Which section of a credit report will contain court info such as bankruptcy? - ANSWER
public records
Which section of a credit report will show recent attempts to open a credit card? -
ANSWER inquiries
