Question

What is consumer demand?Carlos approaches a bank for home loan. He is denied the loan when the verification of his credit history through his credit report reveals he has defaulted in the payment of a car loan. Carlos realizes that the information provided by the credit bureau is erroneous. Which law allows for action to be taken in case of errors in his credit report?

A) Fair Debt Collection Practices Act
B) Fair Credit Billing Act
C) Fair Credit Reporting Act
D) Credit Card Accountability, Responsibility and Disclosure Act

Answer 1

The Fair Credit Reporting Act which was effective on October 26, 1970 is the law that Carlos can use to take action with on his case of errors on his credit report.

Answer 2

Consumer demand is the relationship between the price and quantity that is being demanded. During this time organizations are figuring out the relationship between the price points they pick and how much consumer wants the items.

The law that allows for action to be taken in case of errors in Carlos credit report is Answer: C. Fair Credit Reporting Act

The Fair Credit Reporting Act is also known as FCRA which was establisted by the U.S. Federal Government legislation to protect and promote fairness of consumer information.