Credit/Banking Test

What is the ability to borrow money or acess goods or services with the understanding that you WILL pay later?

• Report
• Debit
• Debt
• Credit

Banks, credit unions, credit card issuers and other creditors HAVE to report your borrowing and repayment information to the credit bureaus.

• True
• False

Which of the following credit bureaus complies your credit reports: (select all that apply)

• Experian
• TransUnion
• Equifax
• Carfax

Your credit report doesn't have to include the number of credit card accounts you have.

• True
• False

Credit reports have the credit card borrowing limits and current outstanding balances.

• True
• False

Credit Reports include the following information: (select all that apply)

• Amount of any loans you've taken out and how much of them you've paid back
• Your monthly payments for your accounts were made on time, late, or missed altogether
• Financial setbacks like mortgage foreclosures, car repossessions, and bankruptcies
• Credit card borrowing limits and current outstanding balances

An Excellent credit score is:

• 350-579
• 800 +
• 740-799
• 670-739

A Good credit score is:

• 350-579
• 800 +
• 740-799
• 670-739

A Very Poor credit score is:

• 350-579
• 800 +
• 740-799
• 670-739

What type of credit is issued by retailers for use exclusively in their establishment, charge cards are relatively rare these days.

• Service Credit
• Charge Cards
• Installment Credits
• Revolving Credit