Credit Reports Quiz

How is a credit report generated?

• Credit reports are randomly generated by credit bureaus

• Credit reports are generated based on an individual's astrological sign

• Credit reports are generated by asking friends and family about an individual's credit history

• Credit bureaus collect information about an individual's credit history from various sources and compile it into a report.

What information is included in a credit report?

• Personal identification details, credit accounts, payment history, public records, and inquiries.

• Medical history, criminal records, and political affiliations.

• Social media activity, online shopping history, and travel records.

• Credit scores, employment history, and income details.

How long does information stay on a credit report?

• Option A: 7 to 10 months

• Option A: 7 to 10 years

• Option C: 15 to 20 years

• Option B: 1 to 3 years

How can errors on a credit report be corrected?

• By paying a fee to a third-party company to fix the errors

• By contacting the credit bureau(s) and demanding they remove the errors

• By ignoring the errors and hoping they will go away

• By reviewing the credit report, gathering supporting documents, disputing the errors with the credit bureau(s), and monitoring the report

How does a credit report affect credit scores?

• Credit reports provide the information used to calculate credit scores, so they can have a significant impact on credit scores.

• Credit reports have no impact on credit scores

• Credit reports only affect credit scores if they contain errors

• Credit reports are used to determine creditworthiness, but not credit scores

What is the purpose of a credit report?

• To track an individual's medical history

• To provide a detailed summary of an individual's credit history and creditworthiness.

• To provide information about an individual's criminal record

• To determine an individual's political affiliation

What are the major credit reporting agencies?

• Equifax, Experian, and TransUnion

• Visa, Mastercard, and American Express

• Equifax, FICO, and VantageScore

• Bank of America, Wells Fargo, and Chase

What factors can negatively impact a credit report?

• Having a low credit score, having too many credit cards, having a short credit history

• Making early payments, having a low income, having a high credit limit

• Having a good payment history, having a low debt-to-income ratio, having a long credit history

• Late payments, high credit card balances, collections or charge-offs, bankruptcy, foreclosure, and identity theft.

What is a credit score and how is it calculated?

• A credit score is a reflection of an individual's popularity and social status. It is calculated based on the number of friends and followers they have on social media.

• A credit score is a rating given to individuals based on their social media activity. It is calculated by analyzing their online presence and interactions.

• A credit score is a numerical representation of an individual's creditworthiness. It is calculated based on various factors such as payment history, credit utilization, length of credit history, types of credit used, and new credit inquiries.

• A credit score is a measure of an individual's income and assets. It is calculated based on the total value of their possessions and earnings.

Why is it important to regularly check your credit report?

• To find out your favorite color

• To monitor your financial health and detect errors or fraudulent activity

• To keep track of your social media activity

• To see how many steps you've taken today