5.4 Credit Reports

A credit report is best defined by which of the following statements?

• A score that represents your credit reputation

• A summary of an individual's credit history

• A compilation of all public and private records relating to your finances

• An accounting of legal action taken against you to collect debts

Which of the following events will trigger the creation of a credit report?

I. Declaring bankruptcy

II. Taking out a student loan

III. Borrowing money from a company

IV. Marriage or divorce

• I, II, III, and IV

• I and III only

• II and III only

• I, II, and III only

The three primary national credit bureaus are:

• TransUnion, Equifax and Experian

• Experian, Sallie Mae, and TransUnion

• Fair Isaac, Equifax, and Experian

• FICO, Equifax, and Sallie Mae

A credit bureau is a company that maintains the following information on individuals':

• housing

• credit

• both housing and credit

• neither housing not credit

A credit report contains all of the following information except an individuals':

• race

• household income

• marital status

• Social Security number

Most of the information contained within a credit report is reported to credit bureaus by:

• individuals

• employers

• federal and state government agencies

• creditors

Which of the following statements regarding access to individuals credit reports is most accurate?

• Anyone with someone's Social Security number can request that person's credit report under the law

• All employers can request an applicant's credit report without the applicant's knowledge

• Insurance companies can view a customer's credit report when underwriting insurance polices

• Individuals are not allowed access to their personal credit reports unless then have been denied credit, employment, or insurance as a result of a credit check

How many times per year can you request a free copy of your credit report from each of the primary credit bureaus?

• One time

• Two times

• Three times

• As many times as you wany

One important reason to review your credit report, at least annually, is to guard against:

• Bankruptcy

• Becoming over-indebted

• High-interest rat loans (high-cost debt)

• Identity theft

To correct inaccurate, fraudulent, or there erroneous information on your credit report, which of the following is the best course of action?

• File a defamation lawsuit against the credit bureau reporting the inaccurate information

• File a compliant with the Federal Trade Commission

• Contact your creditors and notify them of the error

• Contact the primary national credit bureaus by writing a letter and notifying them of the inaccurate information