Credit Ratings and Credit Scores

Richard, Jaden, and Kalei are discussing about credit scores. They are trying to identify the three main credit bureaus. Can you help them?

• Experian, TransUnion, Equifax

• FICO, VantageScore, Credit Karma

• Visa, Mastercard, American Express

• Bank of America, Wells Fargo, Chase

Brianna is trying to understand what information is included in her credit report. Can you help her out?

• Personal information, types of debt, payment history

• Credit scores, outstanding debt, credit utilization

• Income, employment history, credit inquiries

• Bank account details, investment portfolio, tax returns

Taylor is applying for a loan and the bank manager, Kayla, mentioned something about a credit score range. What is the range of credit scores that Kayla might be referring to?

• 0-100

• 200-500

• 300-850

• 900-1000

Connor is trying to improve his credit score, so he discussed this with his friend Becky. Which factors did she tell Connor to focus on?

• Payment history, credit utilization, length of credit history

• His income, education level, age

• Number of credit cards he has, types of credit used, recent inquiries

• His social media activity, shopping habits, favorite color

Joel is planning to apply for a loan and his friend Andrew advised him to check his credit reports. How often should Joel check his credit reports?

• Once a month

• Once a year

• Every 5 years

• Never

Franklin is applying for a loan and the bank is checking their credit score. What is the purpose of checking Franklin's credit score?

• To determine Franklin's creditworthiness

• To track Franklin's spending and bill-paying habits

• To provide information about Franklin's credit history

• To calculate interest rates on Franklin's loans

Lexi is applying for a new credit card and the bank performs a check on his credit history. What type of inquiry is this?

• An inquiry that impacts Lexi's credit record

• An inquiry that does not impact Lexi's credit record

• An inquiry made by a potential employer

• An inquiry made by a family member

Mikey bought a house with a loan from a bank. If he defaults on his loan, what is the term for the bank taking possession of his property?

• Foreclosure

• Refusing to pay for a repair and having a lien placed on the property

• Selling a house to pay off a debt

• Repossessing a car due to missed payments

Donovan is applying for a loan and he is curious to know who calculates his credit scores. Can you help him?

• Credit bureaus

• Lenders like the bank where Donovan is applying for the loan

• Fair Isaac Corporation

• Consumers like Donovan himself

Mia is trying to understand the purpose of credit bureaus. Her friend Sofia helped explain it to her by reviewing which correct answer listed.

• They track individuals' financial lives and calculate credit scores

• They provide loans and credit to consumers

• They collect information about bankruptcies and foreclosures

• They sell personal data to businesses