Credit Report Study Guide

What is the relationship between a credit report and a credit score?

• Checking your credit report lowers your credit score.

• The information on your credit report is what determines your credit score.

• A good credit score means you're rich and have a good credit report.

• Debit and credit cards are reported on your credit report and thus affect your credit score.

Financial records remain on your credit report for years.

Which of the following items can you expect to find on a credit report? (choose all correct answers)

• Only open accounts

• Both open and closed accounts

• Payment history

• Only closed accounts

• Income amount

Which of the following is NOT something that can be impacted by your credit report?

• Employment

• Insurance

• Credit Cards

• Investment accounts

According to the video, what percentage of credit reports have serious errors on them?

• 50-60%

• 10-20%

• 70-80%

• 30-40%

Identity theft is one major reason you should check your credit score regularly?

• True

• False

What are the three major credit bureaus?

• Experian, Equifax, and TransUnion

• Experian, Equifax, and CreditKarma

• Equifax, TransUnion, and CreditSesame

• TransUnion, Experian, and CreditWise

According to the video, where should you go to obtain a free copy of your credit report?

• equifax.com

• annualcreditreport.com

• experian.com

• transunion.com

You are entitled to a free credit report each year. If you want your credit score as well, however, what do you usually have to do?

• Pay for it

• Apply for a credit limit increase

• File a complaint

• Become an authorized user

What is a credit report?

• A record of all of your financial transactions, including credit cards, bank accounts, and any loans you have

• A consolidation of your history and track record of paying bills

• A statement of the transactions made on your credit card

• A description of the terms of your credit card