Credit Scores

A Credit score is________.

• method of tracking money

  
  

• numerical measure of someone's creditworthiness

  
  

• a number that gives you rewards if you pay your bill on time

  
  

• report of credit history

  
  

Loan Officers will check the following to assess a borrowers' credit worthiness:

:

• Credit Report and Credit Score

• Salary and Transcripts

• Parents Income and Net Worth

• All answers are correct

What are the 3 major Credit Reporting Agencies in the U.S. ?

• Equifax, Expedia and Trans America

• Equilibrium, Experience, and Trans Continental

• Equifax, Experian, and TransUnion

• Equality, Expatriot, and Transformation

Credit Bureaus generate revenue by selling algorithms to banks and other financial institutions - is this true or false?:

• True

• False

What does FICO stand for?

• Freeway Incident Car Overturned

• Fair Intrinsic Corporation

• Fair Isaac Corporation

• Fred Isaac Company

The Fair Isaac Corporation is:

• The largest Credit Bureau in the U.S.

• A government agency protecting creditors

• an analytics software company providing consumer analytics to lendors

  
  

• All Answers are correct

FICO Credit Scores include:

• GPA, marital status, total assets,

• income history and job history

• Amt owed, New Credit, Length of Credit History, Credit Mix, Payment History

• all of the above

an "Exceptional" Credit Score falls within the range of:

• 300-579

• 800-850

• 580-669

• 740-799

FICO Scores range from:

• 0-1000

• 0-850

• 100-500

• 300-850

the most significant factor in a FICO score (35%) is:

• Credit Mix

• Income history

• New Credit

• Payment History