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Loans & Lending Practices MCQs

What is meant by the term "Credit Repository"?

The physical location where all mortgage papers are signed

An organization that gathers, records, updates, and stores the information about the financial, public and payment records of the individuals who are being considered for credit

A central clearing house for all loan transactions

The loss of money, property, rights, or privileges due to a breach of legal obligation

Answer

Correct Answer: An organization that gathers, records, updates, and stores the information about the financial, public and payment records of the individuals who are being considered for credit

Explanation:

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