Name _______________________
Date __________________
Hour _____________
Financial Literacy
Standard 7 Study Guide
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Interest
Interest Rate
Loan Agreement
Secured Credit
Installation Credit
Credit Bureau
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L.
Credit History
Truth in Lending Act
Equal Credit Opportunity Act
Fair Debt Collections Practices Act
Consumer Credit Reporting Act
Credit Repair Organizations Act
1. _____ A type of contract between the borrower and the lender explaining the requirements
of fulfilling the loan.
2. _____ The percentage rate of interest charged to the borrower.
3. _____ Makes it illegal for groups to make false promises or claims about improving your
credit history.
4. _____ Prohibits debt collectors from engaging in unfair, deceptive, pr abusive practices
when collecting debt.
5. _____ An official record of a borrower’s credit activity, including borrowing and payments.
6. _____ Payment for use of someone else’s money.
7. _____ A loan repaid with a fixed number of equal payments.
8. _____ An establishment that collects and distributes credit information of individual and
businesses.
9. _____ Credit with collateral for the lender.
10. _____ Ensures all individuals have an equal opportunity to receive credit or loans.
11. _____ Requires all lenders to inform potential lenders about the cost of borrowing money,
including finance charges and the annual percentage rate.
12. _____ Requires free credit reports for the unemployed, persons on public assistance , and
fraud victims.
Name _______________________
Date __________________
Hour _____________
Fill in the blank.
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When applying for a loan, most lenders will check your ___________ score.
T or F: Qualifications for borrowing money are basically the same from lender to lender.
Most Credit cards are examples of ________________ _________________.
Most people borrow money because they do not have enough _______________ or
____________ to make a purchase.
One of the best reasons to borrow money is to buy a _________________.
A ___________________ ____________________ allows the borrower to make additional
payments or pay off a loan early.
APR is the __________________ _____________________ __________________.
Most consumer credit laws are designed to ensure that consumers and lenders are treated
____________________ and _____________________.
When computing your credit score, the most important factor is do you pay your bills _____
______________?
When making credit card payments always pay __________ than the minimum amount
requested on the statement.
T or F: Lower FICO scores result in higher interest rates.
Your credit file includes much information about you, including the number of times you
apply for ________________.
Borrowing to buy a car is an example of _________________ credit.
Interest rates on credit cards will ________________ __________________ depending
upon several factors.
You credit score will not impact your ______________ ____________________.
________________ ______________ ______________ offer loans to high risk customers at
very high fees.
Most negative information – such as late payments and defaults on loans – stays in your
credit file for _________ years.
If your credit card is lost or stolen and you report it immediately to your credit card
company, the most you can lose is $_________.
In Oklahoma, Most consumer protection laws are enforced by the ___________
______________ ______________ Office.
If you want to dispute any information included in your credit file, you need to write a letter
or file a report online with the __________ _____________.
Before applying a loan, it is advisable to get a copy of your _________ ____________ to
check it for errors.
Lenders in the United States rely on three primary credit bureaus. Name all three.
a. ____________________
b. ____________________
c. ____________________