syret

© 2005 by Thomas Houle

PowerPoint Jeopardy

For Personal Finance


Rules of Credit Jeopardy

1. Each team must select a captain to give answers. 2. Once a question is read, you have one minute to

discuss your answer.3. Every group will give their answer before the

correct answer is given.4. Teams will receive one piece of candy for each

$100 earned

Kinds of Credit

Sources of Credit

Credit Records

Credit Reports

Credit Laws

$100 $100 $100 $100 $100

$200 $200 $200 $200 $200

$300 $300 $300 $300 $300

$400 $400 $400 $400 $400

Credits


This type of credit is a pre-established amount of money that can be borrowed on demand.

Kinds of Credit for $100



Answer: “What is a line of credit.”Back to Grid.



“Open Thirty-Day Accounts” and “Revolving Credit Accounts” are examples of this type of credit



Answer: What is open-ended credit.Back to Grid.



This type of credit is usually used for expensive items. A contract must be signed and a down payment normally is required.



Answer: What is closed-ended credit

Back to Grid.



These are the two types of contracts used in closed-ended credit agreements which define the repayment terms



Answer: What is “Installment purchase agreements” and “promissory notes.”

Back to Grid.


Sources of credit for $100

Two disadvantages of using retail store credit are:



Answer: “May not bargain shop” or “looks bad on credit report”

Back to Grid.



Personal property such as an automobile or boat or stocks pledged to a lender to secure a loan is referred to as…



Answer: What is collateral?

Back to Grid.



This type of company usually charges high rates of interest for the use of their money because they are willing to take risks that banks and credit unions will not.



Answer: What is a “finance company,” or a “small loan company.”

Back to Grid.



The two types of finance companies are…



Answer: What are “Sales” and “Consumer” finance companies.

Back to Grid.


Credit Records for $100

A person or company hired by a creditor to collect the balance due on an account that has not been paid and is overdue.



Answer: What is a debt collector.

Back to Grid.



This is a summary of a person’s credit history



Answer: What is a credit file.

Back to Grid.



Equifax, Experian and Trans Union are the three big ones where you can obtain a free credit report.



Answer: What is a credit bureau?

Back to Grid.



These business pay a monthly fee and exchange information about consumers with the credit bureaus.



Answer: What is a subscriber?

Back to Grid.


Credit Reports for $100

This is the first part of your credit report which “identifies” the subject and includes information such as the consumers full name, spouse, how long the file has been active, last file activity date, address and other personal information.



Answer: What is the “Identification section.”

Back to Grid.



This section of the credit report shows the number of requests for your credit history



Answer: What is the “Inquiry Section.”

Back to Grid.



This section of the credit report shows the consumer’s present credit status. Companies reporting credit info and the dates of their reports are listed here.



Answer: What is the “Trade Section.”

Back to Grid.



“Credit doctors,” or people claiming to fix or repair credit are scam artists. Instead of hiring them to take my money, I should call this institution to get a “Do-it-yourself guide.”



Answer: What is the Institute of Consumer Financial Education.

Back to Grid.


Credit Laws for $100

This law, also know as the Truth-in-Lending Law, requires that consumers be fully informed about the cost of credit purchases before an agreement is signed.



Answer: What is the “Consumer Credit Protection Act.”

Back to Grid.



The Equal Credit Opportunity Act of 1975 was designed to prevent this.



Answer: What is discrimination in judgments of creditworthiness.”

Back to Grid.



Under the Fair Debt Collection Practices Act, a debt collector is not allowed to do these things. (3 things)



Answer: What are threats, obscenities, and false and misleading statements to intimidate the consumer into paying.

Back to Grid.



This law says that if you are denied credit based on a credit report, you have the right to see your file to make sure there is not an error.



Answer: What is the Fair Credit Reporting Act.

Back to Grid.


Credits

• Minnesota Attorney General’s Office, The Credit Handbook. St. Paul: MN, 2000. www.ag.state.mn.us

• Microsoft Clipart

• www.tcu.com

• www.equifax.com

• www.experian.com


Other Units in Personal Finance

• Tax

• Budgeting

• Money Management

• Risk Management

• Banking

• Investing

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Documents

type of credit

credit file

credit agreements

credit info

credit doctors

repair credit

credit unions

credit bureaus