Which acts requires that creditors provide applicants with accurate and complete credit costs and terms clearly and obviously?

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Which of the following requires creditors to provide applicants with accurate and complete credit cost in terms?
Which Act governs the methods that can be used to collect unpaid debts?
What provides guidelines for collecting an individual's credit information?
What is the purpose of the Truth in Lending Act quizlet?

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Question	Answer
Which of the following is a diplomatic way to ask a patient for payment?	“For today’s visit, the total charge is $74. How would you like to pay?”
A superbill_______.	Includes the charges and procedure codes for services rendered on that day
When do most smaller practices send out their statements?	At the end of the month
A common billing system that bills each patient only once a month but spreads the work of billing over the month is _______.	Cycle billing
A statement is ________.	The paperwork sent to patients to inform them of payment or balance due
An account that is open to charges made occasionally as needed is called an______.	Open-book account
A written-contract account is _________.	One in which the physician and patient sign an agreement for payment installments
A person who is in town on vacation goes to a physician with symptoms of food poisoning. They type of account to set up for this patient is an_______.	Single-entry account
Most of a physicians long standing patients have an________.	Open-book account
An initial letter of injury is generally sent when an account is________ days past due?	60
If an account is_______ days past due, send a letter explaining that unless you hear from the patient by a specific date, the account will be given to a specific collection agency for collection.	120
A collection letter containing stronger wording that asks the patient to specify when the amount will be paid and to contact the office to make payment arrangements may be sent when an account is ________ days past due.	90
A letter that has a friendly, “ we want to help” tone and gives the patient options but makes it clear that the patient must take some sort of action, is most appropriate ly sent when the account is _______ days past due.	60
The process of classifying and reviewing past due accounts from the first date of billing is an _________.	Age analysis
Which of the following governs the methods that can be used to collect unpaid debts?	Fair Debt Collection Practices Act
Which of the following requires credit bureaus to supply correct and complete information to businesses for use in evaluating a persons application for credit, insurance, or a job?	Fair Credit Reporting Act
Which of the following requires creditors to provide applicants with accurate and complete credit costs and terms?	Truth In Lending Act
Which of the following prevents creditors from discriminating against applicants on the basis of age, sex, race, religion, marital status, or income?	Equal Credit Opportunity Act
Which of the following is a guideline for making a call requesting payment from a patient?	Call the patient after 8am or before 9 pm
A written description of the agreed terms of payment between the patient and the physician is an_______.	Disclosure statement
A characteristic of a mutual agreement is that_______.	The physician and the patient agree on how much each months payment will be
Criteria for hardship cases include patients who_______.	May be poor, underinsured, or elderly and on a limited income
When is it appropriate for a physician to assess finance charges or late charges on past due accounts?	Only when the patient is notified in advance
When processing a payment using a debit card, you will swipe it like a credit card and then_________.	Ask the patient to enter the PIN
According to the Equal Credit Opportunity Act, how much will a practice have to pay if a credit applicant joins and wins a class action lawsuit against the practice?	Up to $500,000 or 1% of the practices net worth
The money the medical practice must pay out to run the practice is called accounts ________.	Payable
The term for income, or money, owed to the practice is called accounts_________.	Receivable
The process of classifying and reviewing past due accounts by age from the first date of billing is called________.	Age analysis
If the physician allows the patient to pay for services over time, she is extending_______ to the patient.	Credit
A credit________ is a company that provides information about the creditworthiness of a person seeking credit.	Bureau
A common billon system that bills each patient only once a month but spreads the work of billing over then entire month, sending statements to groups of patients every few days is called________ billing.	Cycle
When one or more people sue a company that wronged all of them the same way, they have filed a ________ lawsuit	Class action
Money paid as compensation as a result of a lawsuit is called ____________	Damages
A federal truth lending statement, which is a written description of the agreed terms of payment, is also called a _______ statement.	Disclosure
An__________ account uses the last date of payment or charge for each illness as the starting date for determining the time limit on that specific debt.	Open book
A_______ account is an account with only one charge, usually for a small amount.	Single entry
Bills sent to patients that contain an itemized accounting of services performed, an indication of payments received from the patient or the patients insurance, and amount due to the practice are called_______.	Statements
The statute of_______ is the state law that sets a time limit on when someone can legally file a collection suit on a past due account.	Limitations
A_______, or encounter form, includes the charges for services rendered on that day, a request for payment or insurance copayment, and all the information for submitting an insurance claim.	Superbill
A________ account is one in which the physician and patient sign an agreement stating that the patient will pay the bill in a certain number of installments. If more than four installments are involved, this account is governed by the Truth in Lending Act	Written contract
Free treatment for ________ cases must be undertaken carefully and is given at the physicians discretion.	Hardship
A patient who moves without leaving a forwarding address and does not contact your office to make arrangements for payment of services he has received is known as_______	Skip
When a patient pays using a_______ card, the money is immediately moved from the patients bank account to the medical practice account.	Debit
Another term for a bilateral agreement is_______ agreement.	Mutual
Most medical offices collect_______ from patients who belong to managed care organizations at the time of the office visit.	Co-payments
The person who has financial responsibility for a patient is known as the_______.	Guarantor

Which of the following requires creditors to provide applicants with accurate and complete credit cost in terms?

Chapter 20.

Which Act governs the methods that can be used to collect unpaid debts?

The Fair Debt Collection Practices Act (FDCPA) (15 USC 1692 et seq.), which became effective in March 1978, was designed to eliminate abusive, deceptive, and unfair debt collection practices.

What provides guidelines for collecting an individual's credit information?

The Fair Credit Reporting Act (FCRA) is a federal law that regulates the collection of consumers' credit information and access to their credit reports. It was passed in 1970 to address the fairness, accuracy, and privacy of the personal information contained in the files of the credit reporting agencies.

What is the purpose of the Truth in Lending Act quizlet?

The Truth-in-Lending Act promotes the informed use of credit and protects borrowers from unethical lenders by requiring the clear and conspicuous disclosure of the terms and conditions of consumer loans offered.