Which of the following regarding credit application analysis is incorrect?
A)Bankruptcy remains a mark against you for a period of ten years after it occurs.
B)Credit card issuers normally assign a minimal acceptable credit cutoff score.
C)Lenders may not discriminate on the basis of age.
D)You are entitled to one free copy of your credit report each year from the three major credit bureaus.
E)None of the above statements is incorrect;all of the above are true statements.

Question

Quizplus · Accepted Answer

All the statements provided are accurate regarding credit application analysis. Bankruptcy does indeed remain on one's credit report for ten years. Credit card issuers use credit scores to determine eligibility, often setting a minimum score for approval. Discrimination based on age in lending is prohibited under the Equal Credit Opportunity Act. Consumers are entitled to one free credit report annually from each of the three major credit bureaus (Equifax, Experian, and TransUnion), as mandated by the Fair Credit Reporting Act.

Which of the Following Regarding Credit Application Analysis Is Incorrect