Credit Reports

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

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

• 4 years

• 11 years

• 7 years

• 15 years

What is important in establishing good credit?

• Making payments on time

• Being late on payments

• Spending 100% of your credit limit

• Missing a payment

What is included under credit history on a credit report?

• Date of birth

• Late payments

Late payments can help create a high credit score

• True

• False

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Who would be more likely to get a car loan?

• Dave with a credit score 560

• Julie with a credit score 780

A person, or a financial institution that lends money, and in return charges interest?

• Borrower

• Lender

A person who takes and uses a sum of money under an

agreement to pay it back?

• Borrower

• Lender

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Information about my purchases in cash or with a debit card appear on my credit report

• True

• False

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Which information would NOT appear on your credit report?

• Credit Card balance

• Car loan

• Mortgage

• Debit Card balance