Navigating Your Credit Report Essentials

What type of organization is Springboard?

• For-profit company

• Private lender

• Nonprofit organization

• Government agency

What percentage of credit reports have been found to contain significant errors?

• 50%

• 25%

• 75%

• 10%

Which credit score model is most widely used?

• Empirica

• Beacon

• FICO

• Plus Score

How often are consumers entitled to a free credit report from each bureau?

• Every 6 months

• Once a year

• Every 2 years

• Whenever they are denied credit

Which of the following is NOT a true FICO score model?

• Plus Score

• FICO

• Beacon

• Empirica

What is the maximum percentage of credit utilization recommended to maintain a good credit score?

• 50%

• 65%

• 80%

• 35%

What factor contributes the most to a FICO score?

• Payment history

• New credit inquiries

• Length of credit history

• Types of credit used

Under which act can consumers dispute incorrect information on their credit reports?

• Fair Credit Reporting Act

• Fair Debt Collection Practices Act

• Truth in Lending Act

• Consumer Credit Protection Act

What is the primary purpose of the Fair Debt Collection Practices Act?

• To prevent abusive collection practices

• To protect consumer data privacy

• To regulate interest rates

• To establish national credit standards

What should be the first step if you find errors in your credit report?

• Contact the lender directly

• Dispute the errors with the credit bureaus

• Ignore the errors as they are usually corrected automatically

• Close your credit accounts