2022 Credit Scores and Credit Reports

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

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

• Current and past addresses
• Account balances
• Bankruptcies and foreclosures
• Medical information

Jake’s credit application has been declined because of his negative credit history. Which is most likely to be true?

• Jake pays his bills consistently and on time.
• Jake has applied for 4 credit cards and a car loan in the past 6 weeks.
• Jake has received 3 traffic tickets in the past 2 months.
• Jake holds 2 store credit cards, a bank credit card, a car loan, and a mortgage.

The 3 credit bureaus that determine your FICO score are:

• Equifax, Transunion, and Experian
• Transamerican, Equality, Experience
• Transparcel, Equin, Faxqui
• Crederian, Equiunion, Experfax

How can you improve your credit score?

• Make payments on time
• Reduce overall debt
• Limit your applications
• All of the above

When financing a car, which credit score will warrant the best rate?

• 850
• 950
• 300
• 250

Tags

CCSS.6.NS.C.5

What is credit?

• Free money
• Borrowed money
• Standard of living
• A term that causes tears

What is a credit score?

• A credit score is a three-digit numerical rating that reflects how likely you are to fail at paying your debts
• A five-digit numerical rating that reflects how likely you are to repay your debt. 
• A three-digit numerical rating that reflects how likely you are to repay your debt. 
• A credit score is a five-digit numerical rating that reflects how likely you are to fail at paying your debts

If you have bad credit, it may be ...

• harder to obtain a mortgage loan
• ok
• likely for you to get a better paying job
• easier to get a credit card

How long is most information retained on your credit report?

• 2 years
• 5 years
• 7 years
• 15 years