When creating passwords and PINs (personal identification numbers), what information should you avoid using that could easily be discovered by an 'identity thief'?

Last 4 digits of Social Security number, Middle Name, Birthdate

In the United States, which of the following things can an 'identity thief' NOT do? Options: File a change of address form for you at the post office, Obtain a passport in your name, Write checks using your driver's license number as an ID

An "identity thief" can do all of these things

What are some common signs of a scam? Options: unsolicited emails or messages, requests for personal information, poor grammar or spelling, suspicious links or attachments, and a sense of urgency

unsolicited emails or messages, requests for personal information, poor grammar or spelling, suspicious links or attachments, and a sense of urgency

How can someone avoid falling victim to a scam? Options: Be cautious of suspicious emails, links, and attachments; verify website legitimacy; use strong passwords.

Be cautious of suspicious emails, links, and attachments; verify website legitimacy; use strong passwords.

What are social media scams?

Fraudulent activities on social media platforms that deceive users into providing personal information or money.

What should someone do if they become a victim of credit fraud?

Contact credit card company or bank, file a police report, monitor credit reports, dispute charges, protect personal information

You see a contest that reads, "Win $10,000 instantly! Click this link to sign up!" You click on the link, and the website asks for your name, address, and email to enter the contest. Why could it be unsafe to share your private information?

Someone could steal your information to create a fake identity pretending to be you.

Which of the following probably has the highest credit score? Assume that all of them have made regular monthly payments on time. Options: An 18 year old college freshman, A 20 year old waitress with two active credit cards, A 40 year old business owner with two cars, a house, and four active credit cards, A 50 year old with five credit cards who rents his house.

A 40 year old business owner with two cars, a house, and four active credit cards

All of the following go into calculating a credit score EXCEPT: total amount of debt, amount of new credit, balance in your checking account, payment history, length of credit history

balance in your checking account

What is the main advantage of the debt snowball method?

It provides quick wins to keep you motivated

What is the main criticism of the debt avalanche method?

It may take longer to see progress on the first debt

According to the debt avalanche method, how should debts be prioritized?

From highest to lowest interest rate

What does the debt to income ratio determine?

the likelihood that you would be able to repay a loan

Name two types of bankruptcy.

Chapter 7 bankruptcy, Chapter 13 bankruptcy

What does a 'vishing' attack involve?

Fraudulent phone calls or voicemails asking for personal information

What is the main goal of a 'smishing' attack?

To steal information through text messages.

How does 'ransomware' work?

It locks your files and demands payment to restore access.

What should you do if you discover fraudulent activity on your credit card account?

Contact the credit card issuer immediately

Personal Finance: Credit Reports and Scores Flashcards

Student preview

51 questions

Show all answers

1.

FLASHCARD QUESTION

Front

A record of the borrower’s past loan and credit‐related transactions.

Back

Credit History

2.

FLASHCARD QUESTION

Front

Maintaining a reasonable amount of unused credit will create

Back

Positive credit

3.

FLASHCARD QUESTION

Front

Routinely paying bills late will create

Back

Negative Credit

4.

FLASHCARD QUESTION

Front

Numerous credit applications in a short period of time will create

Back

Negative Credit

5.

FLASHCARD QUESTION

Front

Checking credit reports annually to search for mistakes will create

Back

Positive credit

6.

FLASHCARD QUESTION

Front

Having many of the same types of credit accounts will create

Back

Negative Credit

7.

FLASHCARD QUESTION

Front

Which of the following is NOT on a credit report? Late medical payments, Repayment history, Public Records

Back

Buying habits

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