Math Summative Test Review

Your teacher tells you about the importance of checking your credit report. Which government-run website allows you to download your credit report for free on an annual basis?

• FreeCreditReport.com

• AnnualCreditReport.com

• FreeCreditReports.com

• GetMyCreditScore.com

Determine if each situation would raise, lower, or have no impact on your credit score. Paying one credit card payment 30 days late

• raise

• lower

• no impact

Determine if each situation would raise, lower, or have no impact on your credit score. Checking your own credit

• raise

• lower

• no impact

Determine if each situation would raise, lower, or have no impact on your credit score. Applying for a car loan and having multiple lenders pull your credit score

• raise

• lower

• no impact

Determine if each situation would raise, lower, or have no impact on your credit score. Paying down your balance on all of your credit cards

• raise

• lower

• no impact

Determine if each situation would raise, lower, or have no impact on your credit score. Getting a student loan

• raise

• lower

• no impact

Select ALL of the people/organizations that may access your credit score.

• Auto Loan Lenders

• Credit Card Companies

• Mortgage Loan Companies/Landlords

• Federal Student Loan Office

• Government Agencies/Courts

Your friend confides in you that he has a low credit score. What are the best ways for him to improve his score? Select ALL that apply.

• Cancel his credit cards

• File for bankruptcy

• Lower his credit utilization on his credit cards or accounts

• Make on-time payments

Who tracks all of your credit information?

• Consumer Financial Protection Board (CFPB)

• Federal Government

• Lenders

• Companies like Equifax, Experian, and Transunion

What is a credit report?

• A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness

• A detailed report of a bank's credit history prepared by a credit expert and used by consumers in determining a bank's creditworthiness

• A report which shows which credit cards are better than others

• A report invented by Allan Greenspan and credited to Al Gore