Question

13. Which of the following is the federal agency charged with protecting consumers from "unreasonable risks of injury and death" from products such as toys, lawn mowers, washing machines, bicycles, fireworks, pools, portable heaters, and household chemicals?

A.The Consumer Product Safety Commission

B.The Consumer Goods Commerce Agency

C.The Consumer Financial Protection Bureau

D.The Federal Trade Commission

14. The Equal Credit Opportunity Act (ECOA) is designed to combat bias in lending.

True/False

15. All but which of the following is true of credit reporting protections provided to consumers under the federal Fair Credit Reporting Act (FCRA)?

A.You can sue for damages if your rights under the act have been violated.

B.Lenders are required to provide a consumer’s credit score as well as any factors that affected that score if the lender took any adverse action based on that score.

C.You must provide written consent before a CRA can provide information to your employer or prospective employer.

D.Negative information more than three years old must be removed from a consumer’s credit file.

Answer 1

13. The consumer product safety commission is charged wth protecting consumers from risk of injury and death from certain class of products.

14. True. The act makes it illegal to discriminate against someone on the basis of race, color, religion, sex etc. while lending.

15. Option A - Correct - You can sue for damages

Option B - Correct - Lenders need to provide the agency name and address if lender used that information to take an adverse action such as deny credit.

Option C - Correct " You need to give a written consent before CRA shares information to your employer or potential employer"

OPtion D is wrong- NEgative information more than seven years must be removed.