Finance
In Kansas, 'credit repair' services that claim they can immediately remove accurate negative information from a credit report are making:
AA legitimate business offer
BA false claim — accurate negative credit information cannot be legally removed before its scheduled expiration✓ Correct
CA federally regulated disclosure
DAn offer requiring KREC licensing
Explanation
Accurate negative credit information cannot be legally removed from a credit report before its scheduled expiration (typically 7 years for most items, 10 years for bankruptcies). Credit repair scams often make false promises.
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Key Terms to Know
Amortization
The gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
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