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WorksheetsPersonal Finance: Credit Reports and Scores
Total questions: 19
Worksheet time: 10mins
A record of the borrower’s past loan and credit‐related
transactions.
Lender
Credit History
Credit Report
Closed‐end Credit
A loan of a certain amount of money that a borrower
must repay in a specified number of equal payments.
Lender
Credit History
Credit Report
Closed‐end Credit
When goods, services, and/or money is received in
exchange for a promise to pay back a definite sum of money at a future date.
Tax Lien
Open‐end Credit
Credit
Closed‐end Credit
A person or organization who makes funds available to
borrow.
Lender
Credit History
Credit Report
Closed‐end Credit
A legal claim by a government entity to take an
individual’s property or income when their taxes are not paid in full.
Tax Lien
Open‐end Credit
Credit
Closed‐end Credit
Maintaining a reasonable amount of unused credit will create
Negative Credit
Positive credit
Routinely paying bills late will create
Negative Credit
Positive credit
Numerous credit applications in a short period of time will create
Negative Credit
Positive credit
Checking credit reports annually to search for mistakes will create
Negative Credit
Positive credit
Having many of the same types of credit accounts will create
Negative Credit
Positive credit
Which of the following is NOT on a credit report?
Late medical payments
Repayment history
Buying habits
Public Records
A negative credit report may impact an individual’s ability to receive all of the following EXCEPT?
Insurance
Apartment
Loan
A traffic ticket
How long will Inquiries remain on your credit report?
Never on a credit report
Two years
Seven Years
Ten years
How long will Late or missed payments remain on your credit report?
Never on a credit report
Two years
Seven Years
Ten years
How long will Open accounts considered to be in
“good standing” remain on your credit report?
Never on a credit report
Two years
Seven Years
Always on a credit report
How long will Medical information remain on your credit report?
Never on a credit report
Two years
Seven Years
Always on a credit report
How long will Closed accounts remain on your credit report?
Never on a credit report
Two years
Seven Years
Ten Years
Open‐end Credit
A line of credit established in advance so that a borrower does not have to apply for credit each time new credit is desired. Also known as revolving credit Example: credit card
A loan of a certain amount of money that a borrower must repay in a specified number of equal payments. Also known as installment credit. Example: automobile loan, education loan, mortgage
Closed‐end Credit
A line of credit established in advance so that a borrower does not have to apply for credit each time new credit is desired. Also known as revolving credit Example: credit card
A loan of a certain amount of money that a borrower must repay in a specified number of equal payments. Also known as installment credit. Example: automobile loan, education loan, mortgage
