Credit Reports and Scores

Credit Reports and Scores

Professional Development

14 Qs

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Credit Reports and Scores

Credit Reports and Scores

Assessment

Quiz

Life Skills

Professional Development

Practice Problem

Hard

Created by

Justin Persick

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14 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary purpose of credit reports?

To assess an individual's income and employment history
To evaluate an individual's creditworthiness
To determine an individual's eligibility for government assistance
To track an individual's spending habits

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How do lenders use credit reports?

To determine an individual's income level
To assess an individual's credit limits
To evaluate the risk associated with extending credit or loans
To track an individual's monthly expenses

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What role do credit reports play in loan approvals?

They determine the amount of money a borrower can receive
They help lenders decide whether to approve a loan application
They establish the borrower's income and employment history
They calculate the interest rates for loans

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How can credit reports impact interest rates and loan terms?

They have no influence on interest rates and loan terms
They determine the length of the loan repayment period
They establish the amount of the down payment required
They can lead to lower interest rates and more favorable loan terms

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why might employers and landlords request access to credit reports?

To assess an individual's trustworthiness and financial responsibility
To determine an individual's work experience and qualifications
To evaluate an individual's criminal history
To verify an individual's address and contact information

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is one benefit of regularly monitoring credit reports?

It helps individuals increase their income level
It enables individuals to track their daily expenses
It allows for early detection of identity theft or fraud
It determines an individual's credit score

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How are credit scores related to credit reports?

Credit scores summarize an individual's creditworthiness
Credit scores provide details of an individual's borrowing and repayment activities
Credit scores determine the interest rates for loans
Credit scores are used to calculate loan limits

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