WorksheetsManaging Credit Bell Ringer 2
Total questions: 8
Worksheet time: 4mins
All of the following appear on your credit report EXCEPT…
Your checking account balance
Student loan payment history
Balance owed on a car loan
Number of active credit accounts
In general, why do so many different types of companies check your credit report?
They’re legally required to do so by the Securities and Exchange Commission (SEC)
To determine the price of the product or service they’re selling you
Doing business with someone with a low credit score will also lower their credit score
They want to make sure you’re likely to make consistent and timely payments
What should you do if you find errors in your credit report?
Close the affected credit account(s)
Contact the credit reporting agency or the company that provided the information
Call the police to notify them of potential fraud
Report the error on your taxes
All of the following would show up on a credit report, EXCEPT...
Salary of your current job
Payment history of your car loan
Credit card payment history
Student loan activity
Who tracks all of your credit information?
Credit reporting agencies (Equifax, Experian and TransUnion)
Federal government
Consumer Financial Protection Board (CFPB)
Lenders
You find an error on your credit report: Your credit card account indicates that you are 60 days late on your payment but you have bank records indicating that you have always made on-time payments. What should you do FIRST?
Contact the credit card company to have them fix it
Contact the credit reporting agency
Wait a few weeks to see if it gets resolved
Call the police to report the possible identity theft
Review this partial credit report, and then choose the response below that accurately depicts the information on the report.
The borrower paid a $30 fee in February 2015
This borrower was never late with any of their credit payments
This borrower's most recent payment was $30
This borrower was 30 days late on their May 2015 payment
Which free credit report service is authorized by federal law but only accessible once per year?
AnnualCreditReport.com
Credit Karma
Credit Wise
Wallet Hub
