Credit Fundamentals Review # 1.

What is a credit score?

• A measure of a person's creditworthiness

• A measure of a person's salary

• A measure of a person's savings

• A measure of a person's spending habits

What factors determine a person's credit score?

• Employment of employment

• Age

• Income

• Payment history and amount of debt

How is a credit score calculated?

• By taking into account a person's income and spending habits

• By taking into account a person's debt level and payment history

• By taking into account a person's employment history

• By taking into account a person's savings and investments

What is the range of a credit score?

• 0-50

• 0-500

• 300-850

• 500-900

What is a credit history?

• A record of a person's spending habits

• A record of a person's salary

• A record of a person's loans and payments

• A record of a person's savings

How long does negative information stay on a person's credit history?

• 6 months

• 1 year

• 7 years

• 12 years

Can a person dispute incorrect information on their credit history?

• No

• Only with a Lawyer

• Only with a credit agent

• Yes

What is a credit report?

• A record of a person's spending habits

• A record of a person's taxes

• A record of a person's savings

• A comprehensive summary of a person's credit history

Who can access a person's credit report?

• The local business board

• Any individual

• Only the person themselves

• Creditors and lenders

How often is a person entitled to receive a free credit report?

• Once a year

• Every 6 months

• Every three years

• Every other year