Understanding Credit Reports and Scores

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Why is understanding credit scores and reports important?

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They play a major role in significant financial decisions.

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What is a credit report primarily used for?

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To determine your financial dependability.

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Which of the following is NOT a section in a credit report? Identifying information, Credit accounts, Travel history, Credit inquiries

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Travel history

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What should you do if you find incorrect information on your credit report?

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Inform the reporting agencies immediately.

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Where can you access your free annual credit reports?

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annualcreditreport.com

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What is a potential sign of identity theft on a credit report? A high credit score, Incorrect information, A long credit history, A low number of credit inquiries

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Incorrect information

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What is a credit score similar to? A bank statement, A tax return, A financial report card, A shopping list

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A financial report card

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What is the range of a FICO credit score?

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300 to 850

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Which component has the largest impact on your FICO score? Options: Length of credit history, Credit mix, Payment history, New credit

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Payment history

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What is considered a good FICO score?

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Above 670