Credit Scores

Your net worth...

• is what you owe minus what you own

• is your assets - your liabilities

• is your liabilities - your assets

• is what you own minus what you owe

Which of the following does NOT contribute to your credit score?

• Your payment history

• Which banks issued your credit cards

• Your debt-to-credit ratio

• Length of credit history

All of the following are benefits of having a good credit score EXCEPT

• You can get a higher return on your Retirement fund

• Higher interest rate on credit cards and loans

• Easier approval for rental apartments and houses

• Better car insurance rates Better car insurance rates

Which of the following is TRUE about finding errors on your credit report?

• You may have to file a dispute with each credit bureau

• You should wait until the end of the month before reporting

• Finding errors is common & is not a big deal

• Overlooked errors may result in you paying a fine

How are a credit score and credit report related?

• A credit report is determined by the factors in your score

• A credit score is determined by the factors in your report

• Credit reports are less important than your credit score

• They're not related at all

Where can you get a free copy of your credit report?

• annualcreditreport.com

• freecreditreport.com

• getmycreditreport.com

• creditreport.gov

How can having a thin file impact you?

• You are likely to get lower interest rates on your loans

• You may be offered new lines of credit in the mail

• Lenders may decline your application for a loan

• Most landlords will approve you to rent an apartment or home

Which types of debt usually CANNOT be erased or reduced?

• Federal student loans

• Credit card debt

• Medical bills

• None of these types of debt can be erased or reduced

What can debt collectors do if you don't make payments towards your loans?

• Have you arrested if you owe money

• They can try contacting you at work

• Call you between 8am-9pm to talk to you about your loans

• Reach out to your friends about the debt you owe

What information can you find on a credit report?

• Your medical insurance information

• Your parents' and siblings' contact information

• Your education level

• Inquiries you've made on new lines of credit