Asked by el señor brenzo on Jul 11, 2024
Verified
If a practitioner decides not to extend credit to a patient, what must be done according to the Fair Credit Reporting Act?
A) Call the patient and tell him his bill must be paid in full immediately
B) Inform the patient in writing why credit was denied
C) Explain to the patient that you will be unable to extend credit
D) Avoid discussing the issue of credit with the patient to avoid embarrassment
E) Report the patient's lack of creditworthiness to the state's credit monitoring service
Fair Credit Reporting Act
A U.S. federal law established to ensure the accuracy, fairness, and privacy of consumer information contained in the files of consumer reporting agencies.
Extend Credit
The provision of goods or services with the expectation that payment will be made in the future.
Creditworthiness
An assessment of the likelihood that a borrower can repay a loan or meet financial obligations.
- Gain insight into the essential legislation and regulations dictating credit and debt collection practices.
- Gain insight into patient rights and the legal mandates for medical practitioners in managing credit and billing processes.
Verified Answer
AB
Aleeks BobeeksJul 11, 2024
Final Answer :
B
Explanation :
The Fair Credit Reporting Act requires that if credit is denied based on information from a credit report, the individual must be informed in writing about the reasons for the denial.
Learning Objectives
- Gain insight into the essential legislation and regulations dictating credit and debt collection practices.
- Gain insight into patient rights and the legal mandates for medical practitioners in managing credit and billing processes.