Credit Scores, Reports, and Bureaus

Which of these is the official website to get your free annual credit report? (because of the Fair Credit Reporting Act)

• annualcreditreport.com
• freecreditreport.gov

• myannualcreditreport.com
• creditreportannual.com
• freecreditcheck.org

Match the following to the percent that they affect your credit score

• 15%

• Both New Credit and Credit Mix

• 30%

• Payment History

• 35%

• Length of Credit History

• 10%

• Amounts Owed

Match each of the credit score categories to their definitions.

• How long you've had credit

• New Credit (10%)

• How many new accounts you have and how often you open new accounts

• Credit Mix (10%)

• The amount of credit you're using compared to the total amount available

• Length of Credit History (15%)

• The record of your payments on current and past credit accounts

• Payment History (35%)

• The different types of credit accounts you have, such as credit cards and mortgages

• Amounts Owed (30%)

There are 3 main credit reporting bureaus: ​ (a)   was created in 1899, ​ (b)   started in 1968, and the newest one, ​ (c)   , was created in 1996.

• CreditSights
• EquiCredit
• TransRisk
• ExperianPlus
• CreditPro
• Equifax
• TransUnion
• Experian

What do the credit bureau's do?

• They offer financial advice and investment services

• Provide free credit counseling
• Offer low-interest loans
• Collect and maintain information on consumers' credit history

How do credit bureaus make money?

• By giving away credit reports for free
• By selling cars and houses
• By selling credit reports to lenders and businesses
• By providing financial advice to individuals

Why does FICO not publish its formula for its credit score?

• They make money off of credit bureaus using it.

• It is best if the process is a mystery.

• They do it to make it hard to improve your score.

• It is because it removes the possibility of manipulating your own credit score.

What is the main purpose of a credit score?

• To determine your eligibility for a loan

• To calculate your net worth

• To assess your investment skills

• To evaluate your spending habits

What is the range of a FICO credit score?

• 200-800

• 300-850

• 400-900

• 500-950

What factors can negatively impact your credit score?

• Not paying loans off on time

• Paying bills on time

• Having a long credit history

• Having a mix of credit types