6.1-6.2 Credit History and Credit Report

What is the connection between a credit report and a credit score?

• They are basically the same thing

• The information from your credit report is what determines your credit score.

• Your credit score determines what information is on your credit report.

• If you have a lot of accounts on your credit report you automatically have a high credit score.

How long do financial records remain on your credit report?

• 7 years

• 10 years

• 7 to 10 years

• Forever

Which of the following information would you NOT expect to find on a credit report?

• History and track record of paying bills

• Opened/Closed accounts

• Late payments

• Credit inquiries

• Your investments

Select two reasons explaining why it’s important to request your 3 credit reports and review them regularly.

• To see if you should apply for a new credit card

• To see if there is someone else using credit under your name (identity theft)

• To check your credit score

• To see if there are any errors

Which of the following people/companies DO NOT have reason to access your credit report?

• Credit Card companies

• Employers

• Your ex boyfriend/girlfriend

• Landlords

• Government agencies and courts

Which of the follow would NOT show up on your credit report?

• Late payment on your credit card of 30 days

• A closed personal loan

• A credit inquiry from an auto dealer

• Late rent payment of 10 days

• Unpaid medical bills that have gone to collections

What are the big 3 credit bureaus?

• Innovis

• Experion

• Equifax

• Transunion

• Fico

How often can you get a free copy of your credit report?

• 1 time per year

• every 6 months

• Whenever you want

• You always have to pay

Which of the following is TRUE about a credit report?

• It is a complete history of one type of credit you have

• Credit reports are maintained by the 5 main credit bureaus

• You can get a copy of your credit report for free

• You can get a credit report only when you're 21 years old

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