Credit Repprting

What is a credit report?

• A report that shows how much money you owe on your credit card.

• A report that shows your credit score.

• A report that shows your credit history and how you have managed credit over time.

• All are correct

Who creates credit reports?

• Credit bureaus.

• Credit manager

• Credit card companies.

• Banks

How often should you check your credit report?

• Once a year

• Once a month

• Once in 5 years

• every week

What information is typically included on a credit report?

• A) Your name, address, and social security number.

• B) Your credit accounts, payment history, and outstanding balances.

• Both A and B.

• Bank statement and certification

What is a credit score?

• A number that represents how much money you owe on your credit card.

• A number that represents how much credit you have available.

• A number that represents your creditworthiness based on your credit history. Answer: C

• All are correct

What is a good credit score?

• 300

• 500

• 700

• 900

How is a credit score calculated?

• By looking at your payment history, amounts owed, length of credit history, new credit, and types of credit used.

• By looking at your income and employment history

• By looking at your social media activity.

• All are correct

What is a derogatory mark on a credit report?

• A positive mark indicates good credit behavior

• A negative mark indicating a missed payment or other credit problem.

• A mark indicating that you have too much credit available.

• All are correct

How long do negative marks typically stay on a credit report?

• 1 year

• 3 years

• 5 years

• 7 years

Can you dispute errors on your credit report?

• Yes

• No

• Only if the errors are in your favor.

• maybe