1) Name the three National Credit Bureaus 2) What is the purpose of the Consumer Financial...

1) Name the three National Credit Bureaus

2) What is the purpose of the Consumer Financial Protection Bureau?

3) If a credit card is lost or stolen what is the maximum liability for the cardholder?

4) Name three things to look for in finding a reliable credit counselor.

5) How will filing for bankruptcy impact your credit score?

Solutions

Expert Solution

1.There are three main credit bureaus: Experian, Equifax and TransUnion.

purpose of the Consumer Financial Protection Bureau

2.The CFPB was created to provide a single point of accountability for enforcing federal consumer financial laws and protecting consumers in the financial marketplace. Before, that responsibility was divided among several agencies.

3.as per international standards, you do not have any responsibility for unauthorised charges after you report the card loss to the concerned bank. But, what is different in other developed economies like the US is that the maximum liability on the customer is capped at $50 per credit card.

4.Three things to look for in finding a reliable credit counselor

According to me three thing is:

(a) Know what you want — and how to find it

(b) Check qualifications

5. filing for bankruptcy can hurt your Credit Score the most since it affects several credit accounts and reflects negatively on your payment history.

jeff jeffy answered 1 year ago

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