Personal Finance Ch. 8 Credit Bureaus

This agency collects the credit history of consumers so that creditors can make decisions about grant loans.

• Debt Repository
• Loan Registry
• Credit Bureau

Scores range from 300 to 850, with scores in the 670 to 739 range considered to be “good” credit scores,

usually used to determine mortgages.

• FICO

• Vantage

• Sanford

A credit report is...

• A detailed report of an individual's credit history provided by credit bureaus.
• A detailed report of an individual's medical history provided by credit bureaus.
• A report of an individual's criminal history provided by credit bureaus.

FDCPA is responsible for...

• regulating the stock market
• protecting consumers from abusive debt collection practices
• promoting healthy eating habits

The credit score is 100% based on....

• income level
• credit history
• debt

After having not borrowed for 20 years, your credit score would be...

• Higher than if you had recent borrowing activity
• nonexistent from lack of information

• Lower than if you had recent borrowing activity, but not necessarily zero.

Inheriting 10 million dollars would affect your FICO score by...

• Increasing it
• Decreasing it
• No impact

Account information stays on your report for...

• 20-25 years
• 7-10 years
• 12-15 years

The only information that can be removed from your credit bureau report is...

• Inaccurate or outdated information
• Personal opinions
• Sensitive data

The total consumer debt in America is...

• $2.4 trillion

• $12.40 billion

• $800 million