Managing Credit Bell Ringer 2

All of the following appear on your credit report EXCEPT…

• Your checking account balance

• Student loan payment history

• Balance owed on a car loan

• Number of active credit accounts

In general, why do so many different types of companies check your credit report?

• They’re legally required to do so by the Securities and Exchange Commission (SEC)

• To determine the price of the product or service they’re selling you

• Doing business with someone with a low credit score will also lower their credit score

• They want to make sure you’re likely to make consistent and timely payments

What should you do if you find errors in your credit report?

• Close the affected credit account(s)

• Contact the credit reporting agency or the company that provided the information

• Call the police to notify them of potential fraud

• Report the error on your taxes

All of the following would show up on a credit report, EXCEPT...

• Salary of your current job

• Payment history of your car loan

• Credit card payment history

• Student loan activity

Who tracks all of your credit information?

• Credit reporting agencies (Equifax, Experian and TransUnion)

• Federal government

• Consumer Financial Protection Board (CFPB)

• Lenders

You find an error on your credit report: Your credit card account indicates that you are 60 days late on your payment but you have bank records indicating that you have always made on-time payments. What should you do FIRST?

• Contact the credit card company to have them fix it

• Contact the credit reporting agency

• Wait a few weeks to see if it gets resolved

• Call the police to report the possible identity theft

Review this partial credit report, and then choose the response below that accurately depicts the information on the report.

• The borrower paid a $30 fee in February 2015

• This borrower was never late with any of their credit payments

• This borrower's most recent payment was $30

• This borrower was 30 days late on their May 2015 payment

Which free credit report service is authorized by federal law but only accessible once per year?

• AnnualCreditReport.com

• Credit Karma

• Credit Wise

• Wallet Hub