Pre and Post - Credit Score Quiz

Which of the following service providers may use credit scores to decide whether a person can buy a service and/or what price he or she will pay?

• Cell phone company

• All of the above

• Home insurer

• Mortgage lender

• Credit card issuer

On a $20,000, 60-month auto loan, about how much more would a borrower with a bad credit score pay than a borrower with a good report?

• Under $1,000

• $1,000-$3,000

• $3,000-$5,000

Which of the following does a credit score mainly indicate?

• Knowledge of consumer credit

• Attitude toward consumer credit

• Amount of consumer debt

• Risk of not repaying the loan

• Financial resources to pay back the loan

Which of these groupings contains three factors that are all used to calculate a credit score?

• A person's age, missed loan payments, and marital status

• Missed loan payments, high balances on credit cards, and ethnic origin

• Marital status, high balances on credit cards, and personal bankruptcy

• A person's age, high balances on credit cards, ethnic origin

• Missed loan payments, high balances on credit cards, and length of credit history

Who collects the information that are used for credit scores?

• FICO and VantageScore Solutions

• Three main credit bureaus: Experian, Equifax, and TransUnion

• Individual lenders

• Federal government

• All of the above

Does each consumer have just one credit score?

• Yes

• No

Which of the following actions helps a consumer raise a low score or maintain a high one?

• Make all loan payments on time

• Keep credit card balances under 30% of the credit limit

• Avoid opening several credit card accounts at the same time

• All of these

• None of these

When will multiple inquiries (pulls) about getting a mortgage or auto loan lower your FICO score?

• Each time one makes an inquiry

• Only when one makes at least five inquiries

• Never during a one- to two-week window

• Never

How often should you ask for a free credit report, so you can check for accuracy?

• Every four months

• Every quarter

• Every year

When you cannot resolve a complaint to a credit bureau or lender about your credit report or credit score, which of these federal agencies is best suited to help you resolve the problem?

• Federal Reserve Board

• Consumer Financial Protection Bureau

• Department of Justice