Question

Which of the following is not true about the Credit Card Act of 2009?

a. Increased transparency in credit card agreements
b. Restrictions on retroactive rate increases
c. Limited fees on subprime credit cards
d. No impact on consumer credit scores

Answer 1

The Credit Card Act of 2009 did not have any direct impact on consumer credit scores, but it implemented several other changes to protect consumers.

Step-by-step explanation:

The answer is d. No impact on consumer credit scores.

The Credit Card Act of 2009 did not have any direct impact on consumer credit scores. This legislation primarily focused on addressing deceptive practices by credit card companies and providing more protections for consumers.

While the act implemented several changes, such as increased transparency in credit card agreements, restrictions on retroactive rate increases, and limited fees on subprime credit cards, it did not specifically address or change consumer credit scores.