Chapter 4 Review: True or False- Personal Finance – Flashcards
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You must establish credit in order to buy a house.
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- False
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If you are a victim of identity theft, you are only responsible for paying back half of the debt.
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-False
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There are three credit bureaus: Experian, Trans Union, and Equifax.
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-True
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You can and should obtain a free copy of your credit report annually in order to check for any suspicious activity.
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-True
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You need to have a credit card to rent a car or check in to a hotel.
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-False
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It is okay to use to a credit card if you pay it off every month.
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-False
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The Federal Trade Commission ( FTC) is one of many U.S. federal agencies that regulate the consumer credit system and enforce the laws related to it.
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-True
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Under the Fair Credit Reporting Act ( FCRA), any person or organization may check a person's credit information without having a legitimate need.
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-False
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Teens are a huge target of credit card companies today.
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-True
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Co-signing a loan is a good way to help a friend or relative.
answer
-False
