posted by Mydogbear
The regulations help creditworthiness people obtain charge accounts loans mortgages and other kinds of credit by not allowing creditors to treat applicants unfairly. But the regulations do not guarantee the applicant credit. Creditors may still determine creditworthiness by considering such factors as a income , expenses, age, debts, and reliability of the applicant. All creditors who regularly extend credit are covered by these regulations, including banks, small loans, and finance companies, retail and department stores, credit card companies, and credit unions.
Which of the following statements is the most likely reason why there was a need for regulating credit?
(1) in the past women and minority's found it difficult to obtain credit
(2) all groups in our society use credit responsibility
(3) many people misuse credit
(4) certain groups of people are good credit risks and others are not
(5) credit discrimination has been eliminated in most modern countries.
I think # 4 can someone please check my answer
Which of the following ideas under the regulations described?
(1) all applicants for a loan are equally creditworthy
(2) the ability to repay a loan doesn't depend on gender or race
(3) consumers have a right to borrow money whenever they need it
(4)everyone has an equal right to credit regardless of his or her financial situation
(5) each lending institutions is the best judge of its lending practice
I think #2 but not sure
#3 many people misuse
Top one #3
3 and 4 are wrong for the first question. Please do not post this again.
2 is right for the second question.
First question #5