CREDIT REPAIR BASICS
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.
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?
Mortgage Lender
Credit Card Issuer
Home Insurer
Cell Phone Company
Electric Utility
Landlord
All of the above
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?
FICO and VantageScore Solutions
Three main credit bureaus: Experian, Equifax, and TransUnion
Individual lenders
Federal government
All of the above
Does each consumer have just one credit score?
Yes
No
Which of the following is usually a good generic credit score?
400
500
600
700
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
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