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FICEP Exam with Solutions| Verified exam study Guide
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FICEP Exam with Solutions| Verified exam study Guide
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FICEP Exam with Solutions| Verified examstudy Guide
What are the three types of counseling? - ✔✔Remedial, preventive and productive.
Productive Counseling - ✔✔Helps members identify the best way to use their resources to
improve their financial status.
Preventive Counseling - ✔✔Helps members with good financial habits manage financial
challenges due to life changes, such as job loss, the birth of a baby, divorce or widowhood.
Remedial Counseling - ✔✔Helps members cope with financial problems created by
overspending, debt they can't afford, or poor money management.
Identification and Employment information - ✔✔Includes name, birth date, social security
number, employer, and spouse's name
Credit Report Contents - ✔✔1. Identification and employment information
2. Public record information
3. Payment history
4. Inquiries
Under the FCRA (Fair Credit Reporting Act) what must credit bureaus comply with? - ✔✔1.
Remove inaccurate information from files.
2. Use appropriate procedures in gathering maintaining, and disseminating information.
3. Limit how long creditors have to report negative information.
4. Allow consumers to obtain free copies of their credit report once a year.
, The Fair Credit Reporting Act (FCRA) - ✔✔Protects consumers by promoting fairness,
accuracy, and privacy in credit reports.
Credit Score - ✔✔A statistical number that reflects the member's ability to pay for services
or repay loans, based on values assigned to elements of the credit report. The higher the
number, the better the borrower. (FICO)
Credit Rating - ✔✔An evaluation of an individual's ability to pay for services or repay loans.
This evaluation is based on the credit score along with the elements of debt capacity, character,
credit history, and collateral.
Creditworthiness - ✔✔An individual's capacity to borrow.
Credit Bureau - ✔✔Private, for-profit credit reporting companies that gather and sell
information about an individual's credit history.
Collateral - ✔✔An item that can be taken and sold by the lender if the borrower fails to pay
as agreed. (Typically a vehicle or real estate)
Credit History - ✔✔Determined by existing credit relationships. Factors may include
collection activity, credit card accounts, judgments, bank loans and mortgages.
The C's of Credit - ✔✔Capacity, Character, Credit history and (sometimes) Collateral
Character - ✔✔Based on objective measures of past behavior that's likely to impact an
individual's financial actions.
How long can BANKRUPTCY-CHAPTER 7 stay on your credit report? - ✔✔10 years from the
date filed
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