Understanding Credit Score and Reports

What is the name of the organization that provided the presentation on credit reports and scores?

• Credit Union

• Better Business Bureau

• 
  Foundation for Credit Counseling
  

• Springboard

How long has Springboard been actively promoting financial literacy?

• 20 years

• 30 years

• 35 years

• 40 years

How often are consumers entitled to one free credit report from each bureau?

• Every 12 months

• Every 6 months

• Once

• Every Month

Which scoring model ranges from 300 to 850?

• Empirica

• Plus Score

• Fico

• Beacon

Which factor contributes 35% to your credit score calculation?

• Payment History

• Length of credit history
  

• Pursuit of new credit
  

• Type of credit

What percentage of your credit score is based on outstanding debt?

• 15%

• 30%

• 10%

• 25%

How can individuals improve their credit score according to the video?

• Pay bills on time

• Increase debt

• Ignore bills

• Close all accounts

What should be your goal in terms of credit card balances according to the video?

• Keep balances below 50% of credit line

• Max out credit cards

• Pay the minimum balance

• Close unused accounts

What is the purpose of the Fair Credit Reporting Act?

• Establish guidelines for creditors

• Regulate credit reporting agencies

• Provide new consumer protections

• Prevent unfair debt collection practices

What should consumers do if there are errors in their credit report?

• Do nothing

• Dispute the errors

• Wait for them to be automatically corrected

• File a lawsuit