HUD EXAM PREP 2023 WITH 100% CORRECT ANSWERS

Types of Credit Used Student loan or credit cards only FAKO scores purchase score which are educational score Fair Credit Reporting Act FCRA 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 free cbrs/fraud alert/truncate cc #s Fair Credit Billing Act (FCBA) dispute bill error/mail 60 days/creditor 30 days acknowledge and 90 days research. billed timely manner/14 days before payment due Tax Credits 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 loan flipping-refi existing loan for more fees and interest Chap 13 bk 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 convince/attempt person to sell/rent due to entry/neighborhood of race/color/religion/familia/origin/disability Redlining illegal practice to make residential loans due to race, neighborhood, origin, familia, sex, color Closing costs & Discount Points Closing 3-4% and Discount 1% of total loan amount front end ratio / housing expense ratio monthly housing exp/gross monthly income