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Lesson 7: How To Handle Bad Credit

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- Lesson 7: Quiz

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Lesson 7: Quiz

Wise Credit Management Lesson 7: How To Handle Bad Credit Lesson 7: Quiz

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Question 1 of 5

1. Question
Can you be sued for bad debt?
- Yes, if the debt is within your State's Statute of Limitations
- No, ignore it and it will go away
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Question 2 of 5

2. Question
Biblical Law and U.S. Credit Law have what in common?
- The 7 year rule in Deuteronomy and Page 26 of the Fair Credit Reporting Act
- Requiring a debt collector to investigate the accuracy of a reported consumer debt
- Allowing debt collectors to threaten you with inprisonment
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Question 3 of 5

3. Question
Does a “609” letter really work?
- There is nothing magical about using a "609" letter, it will likely have the same result as if you used a "form" dispute letter or simply call the bureau asking them to verify the accuracy of the debt (it may work and it may not)
- There are no circumstances in which you ever have to pay any debt as long as you don't use a pen to sign the application because the magical "609" letter requires a "wet signature"
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Question 4 of 5

4. Question
What is a Credit Repair Organization (CRO)?
- A for profit organization offering disputing and debt settlement services and hopefully is an expert in credit law and can handle disputing and settlement for you but is not required in most states to prove competency or pass a criminal background check
- Someone who can sue credit bureaus or debt collectors for violations of the FCRA (unless it is a practicing attorney)
- A company that can fix anything wrong with your credit for a fee
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Question 5 of 5

5. Question
What is a Consumer Protection Attorney?
- A lawyer that specializes in credit law and can perform all the tasks CRO’s can in addition to suing the credit bureaus or debt collectors for violations of the FCRA
- Someone who will sell you a magical "609" letter
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