Financial Literacy EOC Review #3

Front

What are the three main credit bureaus?

Back

Experian, TransUnion, Equifax

Front

What information is included in a credit report?

Back

Personal information, types of debt, payment history

Front

What is the range of credit scores that Kayla might be referring to?

Back

300-850

Front

Which factors should Connor focus on to improve his credit score?

Back

Payment history, credit utilization, length of credit history

Front

How often should Joel check his credit reports?

Back

Once a year

Front

What is the purpose of checking Franklin's credit score?

Back

To determine Franklin's creditworthiness

Front

What is the purpose of credit bureaus?

Back

They track individuals' financial lives and calculate credit scores.

Front

Keyin is looking for ways to improve his credit score. What should he do? Options: Pay his bills on time and reduce her outstanding debt, Apply for multiple credit cards and loans, Close old credit cards and open new ones, Increase his income and spend more

Back

Pay his bills on time and reduce her outstanding debt

Front

How do credit bureaus collect information?

Back

They collect information from lenders and merchants who report Mikey's spending and repaying behavior.

Front

Why might Laila, Eli, Mikey, Katie, and Jaden's credit scores from different bureaus be different?

Back

Each bureau uses a different version of the FICO® formula.