Certified Regulatory Compliance Manager (CRCM) — Question 137

What may a creditor do when furnishing credit information?

Answer options

• A. May designate accounts in any manner that is convenient and reasonable
• B. Must designate accounts as specified by the parties
• C. Must designate accounts to show participation by both spouses if both are liable
• D. Must designate accounts to show all parties, including guarantors

Correct answer: C

Explanation

The correct answer is C because it is a requirement for creditors to show participation by both spouses when both are liable for an account. Option A is incorrect as it lacks the necessary specificity required by law, while B does not reflect the legal requirements regarding liability. Option D is also incorrect since it overextends the requirement by including guarantors when the focus is on liable parties.