Credit Test

Name, Date, Period

1. How are credit reports and credit scores related ?

• A credit report is determined by the factors in your score
• A credit score is determined by the factors in your report
• Credit reports are less important than your credit score

2. Where can you go to get a free copy of your credit report?

• annualcreditreport.com
• getmycreditreport.com
• creditreport.gov

3. How can a thin file impact you ?

• You are likely to get lower interest rates on your loans
• You may be offered new lines of credit in the mail
• Lenders may decline your application for a loan

4. Which type of debt usually CANNOT be erased from your credit report ?

• Federal student loans
• Credit card debt
• Medical bills

5. What information can you find on your credit report ?

• Your medical insurance information
• Your parents' and siblings' contact information
• Inquiries you've made on new lines of credit

6. All of the following can access your credit report Except ?

• A landlord
• A future employer
• Colleges and universities
• Insurance companies

7. 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

8. A car loan would be considered an installment loan ?

• True
• False

9. What is a cosigner ?

• A friend you ask for help
• A hotline you call
• Someone who's credit would back you signing for a loan and would become responsible for the debt in the event they stop paying on the loan.