Obtain a written error policy supplied by a credit card company or other creditor .

Do you think it is fair that young consumers must now either have a job or have a cosigner to get credit? Explain your answer.

As a consumer, you are entitled to one free credit report every 12 months from each of the three major credit bureaus. Why is it important for you to review your credit report at least once a year?

How is an excellent credit rating different from a fair credit rating? Why is having an excellent credit rating so important?

Your friend Kamal has just been turned down for credit. He works part time and would like to obtain a credit card from a local department store. The department store stated lack of credit history as the reason for credit denial. What can Kamal do to create a credit history?

Explain the purpose of credit ratings and credit scores. Who uses them and why?

As a teenager, you would like to get started in establishing a good credit history. Based on your personal situation and the stores and banks in your area, prepare a plan that you might follow in getting started using credit.

Evaluate your creditworthiness based on the five Cs of credit: character, capacity, capital, conditions, and collateral. What do you conclude?

Choose one of the credit laws discussed in this chapter and explain how it protects consumers.

How do creditors judge your character?

Explore what it would be like to work in the Consumer Protection Division of a state attorney general's office or for a federal agency such as the FTC (Federal Trade Commission). How are consumers able to make/file complaints? What does the government agency do to help them? What would be your role as a government employee?

Match the terms with the definition. Some terms may not be used.

a. billing statement

b. credit inquiry

c. credit rating

d. credit score

e. debt collector

f. discrimination

g. point system

h. rate shopping

___ The total number of assigned points that tells potent ial creditors the likelihood that you will repay debt as agreed

Match the terms with the definitions. Some terms may not be used.

a. capacity

b. character

c. credit bureau

d. credit freeze

e. credit history

f. credit report

g. creditworthy

h. subscribers

___ A written statement about a consumer's credit history

Visit the web site of one of the three major credit bureaus listed in Lesson 17. 1. In no more than one page, summarize what the bureau includes in its credit reports and outline the procedure you would have to follow to get a copy of your own report.