Hutchison EPF Unit 5 Test

A key factor influencing credit scores is:

• Recent inquiries

• Monthly expenses

• Martial status

• Education level

All of the following are part of a credit report EXCEPT:

• Spending Habits

• Loan Repayment

• Credit Limit Utilization

• Current Credit Inquiries

Failing to pay federal student loans may result in:

• Reduced student loan interest

• Higher credit score

• Tax refund garnishments

• Revocation of your degree

Which of the following is TRUE about a credit report?

• It is a complete history of one type of credit you have

• Credit reports are maintained by the 5 main credit bureaus

• You can get a copy of your credit report for free

• You can get a credit report only when you're 21 years old

Which of the following does NOT contribute to your credit score?

• Your payment history

• Which banks issued your credit cards

• Your debt-to-credit ratio

• Length of credit history

Which of the following is TRUE about finding errors on your credit report?

• You may have to file a dispute with each credit bureau

• You should wait until the end of the month before reporting

• Finding errors is common & is not a big deal

• Overlooked errors may result in you paying a fine

How often should you check your credit report for errors?

• Only when applying for a major loan

• Once a decade

• At least once a year

• Every month

Where can you get a free copy of your credit report?

• annualcreditreport.com

• freecreditreport.com

• getmycreditreport.com

• creditreport.gov

Which types of debt usually CANNOT be erased or reduced?

• Federal student loans

• Credit card debt

• Medical bills

• None of these types of debt can be erased or reduced

How long does a bankruptcy typically remain on a credit report?

• 3-5 years

• 7-10 years

• 12-15 years

• Indefinitely