Credit Report vs Credit Score

Credit reporting bureaus decide whether or not I can get credit. Read each statement below carefully. Place a T on the line if you think a statement is TRUE. Place an F on the line if you think the statement is FALSE.

• True

• False

Credit information can stay on my credit report for over 7 years. Read each statement below carefully. Place a T on the line if you think a statement is TRUE. Place an F on the line if you think the statement is FALSE.

• True

• False

I need to pay my bills on time to maintain a good credit score. Read each statement below carefully. Place a T on the line if you think a statement is TRUE. Place an F on the line if you think the statement is FALSE.

• True

• False

When I apply to borrow money for a car, the lender will most likely look at my credit history. Read each statement below carefully. Place a T on the line if you think a statement is TRUE. Place an F on the line if you think the statement is FALSE.

• True

• False

I need to pursue legal avenues if I find incorrect information on my credit report. Read each statement below carefully. Place a T on the line if you think a statement is TRUE. Place an F on the line if you think the statement is FALSE.

• True

• False

What did you learn about credit scores and reports that you didn’t know prior to completing this project?

• Credit scores are not important.

• Credit reports do not affect loan approvals.

• Credit scores and reports are crucial for financial decisions.

• Credit scores are only used by banks.

What are some things that you will do in order to ensure that you keep a high credit score?

• Pay bills on time

• Max out credit cards

• Ignore credit reports

• Close old credit accounts

Why should someone worry about their credit score?

• It affects loan approval chances.

• It has no impact on financial decisions.

• It is only important for credit card applications.

• It is not relevant to personal finance.

What are the 3 major Credit Reporting Agencies in the U.S.?

• Equifax, Expedia and Trans America

• Equilibrium, Experience, and Trans Continental

• Equifax, Experian, and Trans Union

• Equality, Expatriot, and Transformation

How often should you check your credit report for errors?

• Once a year

• Every month

• Every six months

• Never