Credit Report Quiz

What is a credit report?

• A document that lists your employment history

• A record of your credit history that includes personal and financial information

• A summary of your educational background

• A list of personal references

Why is a credit report important?

• It is used by landlords to determine whether to rent an apartment to you

• It is only important for personal record-keeping

• It is used to track your employment status

• It is used by retailers to create targeted advertisements

Which of the following entities may use your credit report information to decide whether to give you a loan?

• Employers

• Insurance companies

• Telephone and utility companies

• All of the above

Who collects and reports credit information about individuals?

• The Federal Reserve

• Credit card companies

• Major credit bureaus—Equifax, Experian, and TransUnion

• The Internal Revenue Service (IRS)

Where do credit bureaus get their information?

• Only from public records

• Exclusively from the individual's self-reported data

• From various sources including creditors, public records, and other financial companies

• Solely from federal government databases

How often can you get a free credit report from each of the nationwide credit bureaus?

• Once a month

• Every six months

• Every three months

• Every twelve months

Which of the following is NOT a way to obtain a free credit report?

• Visiting www.annualcreditreport.com

• Calling [phone]

• Sending an email request

• Ordering through the credit bureaus directly

Who may have access to your credit report?

• Any public member who is curious

• Lenders from whom you are seeking credit

• Random marketing agencies

• All companies that request it

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.5

CCSS.RI.9-10.3

CCSS.RI.9-10.5

How long does negative information, such as late payments, generally stay on your credit report?

• Five years

• Seven years

• Ten years

• Indefinitely

What can you do if you are denied credit, insurance, or employment because of something in your credit report?

• Request a free credit report within 30 days

• Sue the credit bureau

• Ignore the decision

• Request a free credit report within 60 days