CREDIT REPAIR BASICS

A visually engaging illustration of a diverse group of people analyzing their credit scores and financial documents, with graphs and images symbolizing financial health and credit improvement.

CREDIT REPAIR BASICS QUIZ

Test your knowledge on credit repair and the impact of credit scores on financial decisions. This quiz covers important aspects that everyone should know to maintain good credit health.

Learn which service providers use credit scores.
Understand the factors affecting your credit score.
Discover how to improve your credit rating.

14 Questions4 MinutesCreated by FixingCredit101

Which of the following service providers may use credit scores to decide whether a person can buy a service and/or what price he or she will pay?

On a $20,000, 60-month auto loan, about how much more would a borrower with a bad credit score pay than a borrower with a good report?

Under $1,000

$1,000-$3,000

$3,000-$5,000

More than $5,000

Which of the following does a credit score mainly indicate?

Knowledge of consumer credit

Attitude toward consumer credit

Amount of consumer debt

Risk of not repaying the loan

Financial resources to pay back the loan

Which of these groupings contains three factors that are all used to calculate a credit score?

A person’s age, missed loan payments, and marital status

Missed loan payments, high balances on credit cards, and ethnic origin

Marital status, high balances on credit cards, and personal bankruptcy

A person’s age, high balances on credit cards, and ethnic origin

Missed loan payments, high balances on credit cards, and personal bankruptcy

Who collects the information on which credit scores are most frequently based?

When are lenders that use credit scores required to inform borrowers of the credit score used in the lending decision?

After a consumer applies for a mortgage

On all credit card, auto, and other consumer loans when a consumer doesn’t receive the best terms and/or lowest interest rate available

Whenever a consumer is turned down for a loan

All of the above

None of the above

Which of the following actions helps a consumer raise a low score or maintain a high one?

Make all loan payments on time

Keep credit card balances under 25% of the credit limit

Avoid opening several credit card accounts at the same time

All of these

None of these

When will multiple inquiries about getting a mortgage or auto loan lower one’s FICO or VantageScore credit score?

Each time one makes an inquiry

Only when one makes at least five inquiries

Never during a one- to two-week window

Never

How important is it to check the accuracy of your credit reports at the three main credit bureaus?

Very important

Somewhat important

Not very important

When you cannot resolve a complaint to a credit bureau or lender about your credit report or credit score, which of these federal agencies is best suited to help you resolve the problem?

Federal Reserve Board

Federal Trade Commission

Consumer Financial Protection Bureau

Department of Justice

CREDIT REPAIR BASICS

CREDIT REPAIR BASICS QUIZ

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