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Consumer Credit Agreement Termination

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Questions and Answers

What is the next step for a consumer whose debt rearrangement application is refused by a debt counsellor?

Seek assistance from a credit provider

Reapply to the debt counsellor with new information

Contact a credit bureau to dispute the information

Apply to the Tribunal to review the decision (correct)

How often can a person inspect their credit record for free?

Once a year (correct)

Every 6 months

Every 2 years

At any time

What is a key requirement for credit providers before granting credit?

The credit provider must assess the consumer's understanding of the credit risks and costs (correct)

The consumer must have a credit insurance policy

The consumer must have a good payment history

The consumer must have a minimum income level

What is a consumer's right regarding credit marketing practices?

To be excluded from telemarketing and marketing attempts Signup and view all the answers

When must a credit provider disclose information to determine affordability?

Before granting credit Signup and view all the answers

What is the time frame for a credit bureau to remove adverse information after a debt is settled?

7 days Signup and view all the answers

What is the consequence of not fully and truthfully answering requests for information by a credit provider?

The credit provider will not be deemed reckless Signup and view all the answers

What is the purpose of a clearance certificate?

To remove adverse credit information Signup and view all the answers

Where can a consumer not be contacted for credit marketing purposes?

At their private dwelling Signup and view all the answers

What is a consumer's right regarding their credit record?

To challenge the accuracy of the information Signup and view all the answers