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WorksheetsYour Credit History
Total questions: 15
Worksheet time: 9mins
How long does a negative credit action usually remain on a credit report?
4 years
11 years
7 years
15 years
What is included in the credit history section of a credit report?
Description of your purchases
Late payments
Late payments can help create a high credit score.
True
False
Which information would NOT appear on your credit report?
Credit Card balance
Car loan
Mortgage
Debit Card balance
What is important for establishing good credit?
Making payments on time
Being late on payments
Spending 100% of your credit limit
Missing a payment
When may a person view his/her credit report for free?
At any time and an unlimited number of times
Once a year, from each of the three main credit reporting agencies
A person may not review his/her credit report
When a person has sufficient financial resources
Late payments stay on a credit report for...
2 years
7 years
10 years
Never appear on a credit report
Always on your credit report
A record of a person's use of credit is called?
Credit Score
Credit Report
Should I review my credit report for errors? Is this statement true or false?
True
False
When a person or company looks at your credit report to make a decision
Borrower
Lender
Credit Report
Credit Inquiry
If the card is lost or stolen, report it immediately. What type of card is this referring to?
Credit Card
Debit Card
Both Credit Card and Debit Card
Which type of card allows for money to be withdrawn directly from a checking or savings account?
Credit Card
Debit Card
Both Credit Card & Debit Card
Consumers can purchase items now and pay for them later. Which type of card allows this?
Credit Card
Debit Card
Both Credit Card & Debit Card
Why do lenders request to look at your credit report before you can borrow money?
They can interpret your values and character based on your everyday purchases and assess your creditworthiness.
They want to see how much money you have in savings for the product you want to purchase.
They want personal information, such as your high school and college GPAs, to deem creditworthiness.
They want to see how responsible you are in making payments on existing debt.
What is the BEST reason to review your credit reports annually?
To print out and give to all of your previous employers
To see if there are any errors or fraudulent activity
To use it for filing your taxes each year
To see how much you owe in bills
