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The Ascent Network - Credit Advisor Test - Module 1 & 2

When was Ascent formed?
2007
2005
2011
2009
What is Credit Repair?
The removal of all items from a credit report.
The correction of an individuals credit profile
The creation of a new credit profile for the client.
Which company is NOT one of the "Big 3" credit bureaus?
Trans Union
Equifax
Credco
Experian
True or False - Credit Reports and credit scores are used only for determining if a person will qualify for a loan?
True
False
According to Public Information Research Group, what is the percentage of credit reports that contain errors?
50%
60%
70%
90%
Does name misspelling, maiden names, incorrect - outdated addresses, have a negative impact on an individuals credit score?
Yes
No
Does an account that is reported as "closed by credit grantor" have a negative effect on ones credit score?
Yes
No
What is the largest contributor to making up a persons' credit score?
New Credit
Payment History
Amounts Owed
Type of Credit Reported
Are credit card accounts that have high balances have a negative impact on an individuals credit score?
Yes
No
What is a good way for a parent, grandparent, etc. to help a young person build his/her credit?
Co-sign for them on a loan or credit card
Deposit a large sum in a bank account in their name
Put the young person on title of Real Estate
Make the young person an "authorized User" on an existing credit card account.
Which type of credit obligation does NOT improve a persons credit score?
Mortgage
Installment Loans
Credit Cards
A personal loan from a private party
Does a credit card - credit line, increase/help an individuals credit score?
Yes
No
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