If I do not have a credit history, I can ask another person to cosign a loan. If I default on the loan, the cosigner is responsible for the repayment. True False

Which of the following is true about a cosigner of a note? aThe cosigner is responsible for the payment of the note. bThe cosigner must be a friend or relative. cThe credit rating of the cosigner is unimportant.

Credit or default risk is the risk that interest and principal payments due on the obligation will not be made as required.Select one:TrueFalse

Quick quiz – True/False ◼ Credit has the potential to encourage overspending and ties up future income. ◼ With open-end credit, the borrower pays back a onetime loan in a specified period of time and with a specified number of payments. ◼ With closed-end credit, the borrower is permitted to take loans on a continuous basis and is billed for partial payments periodically. ◼ The finance charge only includes the interest charge, and excludes fees and charges. ◼ Credit information from a credit rating agency can be obtained by anyone on themselves or anyone else online ◼ Bankruptcy should be regarded as a last resort because of the severe consequences

What can happen if you do not pay back money you have borrowed?A.You can be charged penalties and fees.B.You can ignore late payment notices.C.You can be offered more credit.D.You can get an increase in your credit.SUBMITarrow_backPREVIOUS

What is a creditor legally required to do if you dispute a debt?A.The creditor can ignore the dispute.B.The creditor may choose to ignore the dispute.C.The creditor must cancel the dispute.D.The creditor must investigate the dispute.SUBMITarrow_backPREVIOUS