GFL Strand 5, Standard 3: Credit Reports

What are the three major credit bureaus?

• Equifax, Experian, TransUnion

• FICO, Experian, TransUnion

• Equifax, FICO, TransUnion

• FICO, Equifax, Experian

What does a credit score measure?

• A person’s creditworthiness based on their financial history

• A person’s total income and assets

• The number of loans a person has taken

• A person’s monthly expenses

What is the range of most credit scores?

• 0–500

• 300–850

• 600–900

• 200–800

What is the legal right to access your free annual credit report?

• Through credit card companies

• By visiting AnnualCreditReport.com

• By contacting the Federal Reserve

• Through your bank or credit union

Which of the following appears on a credit report?

• Employment history

• Late payments on credit accounts

• Grocery purchases

• Tax refunds

What is one consequence of having a low credit score?

• Easier approval for loans

• Higher interest rates on loans

• Lower monthly payments

• Reduced tax obligations

How often should you check your credit report?

• Once a year

• Every five years

• Only before applying for a loan

• Monthly

What is a derogatory remark on a credit report?

• Positive feedback from lenders

• A negative item, like a late payment or collection account

• An error in personal information

• A missed opportunity to apply for credit

What does the term "creditworthiness" mean?

• The likelihood of repaying borrowed money

• The number of credit cards a person owns

• The total amount of income a person earns

• The ability to negotiate lower interest rates

How long does bankruptcy typically remain on a credit report?

• 1 year

• 3 years

• 7 years

• 10 years