Fixing Your Credit

True or False: If you discover that you have a negative item on your credit report, you should be prepared to provide evidence to dispute the claim.

• True

• False

True or False: A FICO score can be as low as 200 and as high as 900.

• True

• False

True or False: Installment loan payments usually vary from month to month.

• True

• False

You must be at least _____________

, fill in the blank,

years old to get a credit card.

• No age

• 18

• 21

• 25

A savings account:

• Is no use in developing a credit history

• Should have your correct Social Security Number attached so that it helps your credit history

• Can only be opened once you are 18 years old

How can a strong credit score help you to negotiate a better price on big purchases items, like cars?

• People with strong credit scores present less risk to the lender

• A strong credit score guarantees the lender you will not make late payments

• People with strong credit usually have friends with good credit that they can refer to the same business

Credit reports are viewed by:

• Banks

• Credit card componies

• mortgage companies

• all of the above

There are _____________

, fill in the blank,

credit reporting companies.

• Three

• five

• 1

• 2

A _____________

, fill in the blank,

agency attempts to recover monies past due on customer accounts.

• Collection

• Consumer production

• customer service

Why would a bank be more likely to make a loan to someone with a FICO score of 750 rather than someone with a score of 500?

• The higher the score, the greater the interest rate the lender can charge the borrower

• The closer the score to zero, the less the person owes in debt to other companies

• The higher the score, the less risk to the lender that the borrower will be past due on their payments

• none of the above