Credit Management

What is the best way to maintain a good credit score?

• Apply for multiple credit cards at once

• Pay your bills on time

What should you do if you find an error on your credit report?

• Close your credit card account

• Contact the credit bureau immediately

Which of the following always results in lost ownership of property?

• minimum payment

• repossession

• bankruptcy

• debt collection

An organization that provides debt and financial management advice and services to people with debt

problems at little or no cost is called a _________________________.

• credit counseling service

• banks

• debt collectors

• bankruptcy

Perhaps the most serious type of repossession, when there is a forced sale of a property, such as a house,

is _________________________.

• credit fraud

• foreclosure

• debt collection

• bankruptcy

Something that is owed that will decrease future earnings.

• debt

• debt load

• bankruptcy

• credit score

A company that gathers, stores and sells credit information to business subscribers is a ____.

• Loan shark

• Venture capitalist

• Federal bank

• Credit Bureau

A car loan is an example of ____.

• Revolving account

• Debit card

• Line of credit

• Closed-end credit

A liquidation form of bankruptcy that wipes out most debts in exchange for the giving up most assets is ____.

• Chapter 7

• Chapter 11

• Chapter 13

• None of the above

The complete record of your borrowing and repayment performance is summarized in your ____.

• Monthly bill

• Credit report

• Report card

• Checking account