HUD EXAM PREP| 120 QUESTIONS| WITH COMPLETE SOLUTIONS

Types of Credit Used Correct Answer: Student loan or credit cards only FAKO scores Correct Answer: purchase score which are educational score Fair Credit Reporting Act FCRA Correct Answer: what is in file/dispute/remove 30 days/remove bad 7 yrs/bk 10 yrs/access limited/damages from violators/state rights Fair and Accurate Credit Transactions Act FACTA Correct Answer: free cbrs/fraud alert/truncate cc #s Fair Credit Billing Act (FCBA) Correct Answer: dispute bill error/mail 60 days/creditor 30 days acknowledge and 90 days research. billed timely manner/14 days before payment due Tax Credits Correct Answer: Earned Income Tax Credit/EITC-low/moderate income ind/families. Net earnings from self employment-income/marital status/children. Educational credit-post seconday for ind/child. Child/Dependent Care Credit-work/look for work and paying a service. additional credits under 17yo. predatory lending Correct Answer: loan flipping-refi existing loan for more fees and interest Chap 13 bk Correct Answer: 3-5 yr payment plan on all/part of debt, can stop foreclosure, cure delinquent mortgage payments, reschedule secured debts other than mortgage, lower payment, retain house/car Blockbusting Correct Answer: convince/attempt person to sell/rent due to entry/neighborhood of race/color/religion/familia/origin/disability Redlining Correct Answer: illegal practice to make residential loans due to race, neighborhood, origin, familia, sex, color Closing costs & Discount Points Correct Answer: Closing 3-4% and Discount 1% of total loan amount