Understanding Credit Reports and Scores

What is the FICO credit score range?

• 100-300

• 350-850

• 300-850

How often should you obtain a copy of your credit report?

• at least once a year

• monthly

• not at all

Which are the 3 major national credit reporting agencies, also known as credit bureaus?

• Transunion, Credit Karma, Experian

• Equifax, Credit Sesame, Experian

• Equifax, Transunion, Experian

How long does a paid or unpaid collection remain on your credit report?

• forever

• 7 years from the date of last activity

• 3 years

What is the most important component of having good credit? (makes up 35% of the score)

• only use cash

• co-signing

• payment history

Does the amount of credit you are currently using have an affect on your credit score?

• yes, 30% is based on your total debt

• no, the more the better

• yes, only if there are delinquencies

How does co-signing affect your credit?

• payment history

• debt ratio

• all of the above

What are 2 legitimate reasons to file a credit dispute?

• reported late, buying a house

• reporting errors, fraud

• none of the above

How long are unpaid tax liens reported on the credit report?

• not at all

• 7 years

• indefinitely

Which factor is 10% of your credit score?

• credit history

• all factors are the same

• types of credit