Credit Reports and Credit scores

Credit Reports and Credit scores

Multiple Choice

Why is it important to establish positive credit history?

• Higher credit scores result in lower interest rates on loans

• You are more likely to be offered a loan by a bank

• Positive credit history results in higher credit scores

• All of the above

Multiple Choice

How long will a negative credit action usually remain on a credit report?

• 4 years

• 11 years

• 7 years

• 15 years

Multiple Choice

What is important in establishing good credit?

• Making payments on time

• Being late on payments

• Spending 100% of your credit limit

• Missing a payment

Multiple Choice

What is included under credit history on a credit report?

• Date of birth

• Late payments

Multiple Choice

When goods, services, and/or money is received in

exchange for a promise to pay back a definite sum of money at a future date.

• tax lien

• credit report

• credit history

• credit

Multiple Choice

Who would be more likely to get a car loan?

• Dave with a credit score 560

• Julie with a credit score 780

Multiple Choice

A person or organization who makes funds available to borrow.

• lender

• borrower

Multiple Choice

Open accounts in "good standing" stay on a credit report for....

• 2 years

• 7 years

• 10 years

• Never on a credit report

• Always on your credit report

Multiple Choice

Inquiries stay on a credit report for....

• 2 years

• 7 years

• 10 years

• Never on a credit report

• Always on your credit report

Multiple Choice

A numerical summary of your credit history that indicates your credit worthiness

• Credit Score

• Credit Report

Multiple Choice

A record of a person’s use of credit

• Credit Score

• Credit Report

Multiple Choice

Closed accounts stay on a credit report for....

• 2 years

• 7 years

• 10 years

• Never on a credit report

• Always on your credit report

Multiple Choice

Which is not included in an individual’s credit report?

• Current and past addresses

• Account balances

• Bankruptcies and foreclosures

• Medical information

Multiple Choice

When may a person view his/her credit report for free?

• At any time and an unlimited number of times

• Once a year, from each of the three main credit reporting agencies

• A person may not review his/her credit report

• When a person has sufficient financial resources

Multiple Choice

Which of the following is NOT on a credit report?

• Late medical payments

• Repayment history

• Buying habits (what you are buying)

• Public records

Multiple Choice

Late payments stay on a credit report for....

• 2 years

• 7 years

• 10 years

• Never on a credit report

• Always on your credit report