WorksheetsHutchison EPF Unit 5 Test
Total questions: 18
Worksheet time: 9mins
A key factor influencing credit scores is:
Recent inquiries
Monthly expenses
Martial status
Education level
All of the following are part of a credit report EXCEPT:
Spending Habits
Loan Repayment
Credit Limit Utilization
Current Credit Inquiries
Failing to pay federal student loans may result in:
Reduced student loan interest
Higher credit score
Tax refund garnishments
Revocation of your degree
Which of the following is TRUE about a credit report?
It is a complete history of one type of credit you have
Credit reports are maintained by the 5 main credit bureaus
You can get a copy of your credit report for free
You can get a credit report only when you're 21 years old
Which of the following does NOT contribute to your credit score?
Your payment history
Which banks issued your credit cards
Your debt-to-credit ratio
Length of credit history
Which of the following is TRUE about finding errors on your credit report?
You may have to file a dispute with each credit bureau
You should wait until the end of the month before reporting
Finding errors is common & is not a big deal
Overlooked errors may result in you paying a fine
How often should you check your credit report for errors?
Only when applying for a major loan
Once a decade
At least once a year
Every month
Where can you get a free copy of your credit report?
annualcreditreport.com
freecreditreport.com
getmycreditreport.com
creditreport.gov
Which types of debt usually CANNOT be erased or reduced?
Federal student loans
Credit card debt
Medical bills
None of these types of debt can be erased or reduced
How long does a bankruptcy typically remain on a credit report?
3-5 years
7-10 years
12-15 years
Indefinitely
The cost you pay each year to borrow money, including fees, expressed as a percentage
APR
Taxes
IRS
Bank Fee
A legal proceeding carried out to allow individuals or businesses freedom from their debts, while simultaneously providing creditors an opportunity for repayment
Bankruptcy
Trial
Summons
Money Divorce
An attempted recovery of a past-due credit obligation or debt by a collection department or agency
Collections
Repo Man
Bank teller
Loan Payment
The most commonly used credit score
FICO Score
Social security Number
Home Address
Date of Birth
A history of the payments you have made on all credit you have obtained; 35% of your credit score is based on this
Credit History
Default
Collections
Interest paid
The taking back of property after a borrower has defaulted on payments
Gift
Repossessions
Default loan
Bankruptcy
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
Student Loan
Personal Loan
Car Loan
Money set aside for unanticipated expenses or loss of income
Emergency Fund
Savings
Checking
Piggy Bank
