Credit Scores and Reports 101

What is a credit report?

• A summary of your credit history

• A detailed history of your payment methods

• A report on your income

• A list of your current debts

What are the three major credit bureaus in the United States?

• Transunion, Experian, Equifax

• Equifax, FICO, Transunion

• FICO, Transunion, Experian

• Experian, Equifax, FICO

What is a FICO credit score?

• A calculated number summarizing your credit report

• A credit utilization ratio

• A credit card designed for students

• A type of loan

What makes up 35% of your credit score?

• Payment history

• Recent inquiries for credit

• Length of credit history

• Credit utilization

What is the recommended credit utilization percentage to avoid damaging your credit score?

• 100%

• 30%

• 50%

• 70%

What makes up 15% of your credit score?

• Length of credit history

• Payment history

• Credit utilization

• Recent inquiries for credit

What makes up 10% of your credit score?

• Recent inquiries for credit

• Payment history

• Length of credit history

• Credit utilization

What is the easiest way to build a credit history?

• Open a credit card designed for people with no credit history

• Take out a mortgage

• Avoid using credit altogether

• Close all old credit accounts

How often should you check your credit report for mistakes?

• At least once a year

• Every month

• Every week

• Every day

What should you do if you find a mistake on your credit report?

• Contact the credit bureau as soon as possible

• Close all your credit accounts

• Ignore it

• Wait for it to correct itself