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5.2 Your Credit Report

  •  English    10     Public
    NGPF
  •   Study   Slideshow
  • What is the total amount of US credit card debt?
    $100,000
    over 1 trillion dollars
    1 million dollars
    1 billion dollars
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  • Why do lenders look at credit reports?
    To provide them with details about your savings account
    To determine the size of your household
    To decide whether you are a qualified or risky candidate
    To edit your credit score
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  • The following options are all included in your credit report trade lines except…
    When you opened your credit accounts
    Payment history
    Amount of money in your checking account
    Current balances on your loans
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  • Why should you review your credit report regularly?
    to check for accuracy; to see how different factors affect your FICO score
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  • When you sign up for phone, TV, or internet service, the provider is likely to check your credit report. Why would they do this even though you’re not borrowing money from them?
    Even though you’re not borrowing money they still want to make sure you are likely to make your monthly payments
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  • Name one free online credit report services
    Annualcreditreport.com Credit Karma Credit Sesame NerdWallet CreditWise WalletHub
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  • Which is not one of the three credit reporting agencies you would possibly need to contact to report an error on your credit report?
    Wells Fargo
    Equifax
    TransUnion
    Experian
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  • All of the following appear on your credit report EXCEPT…
    Number of active credit accounts
    Balance owed on a car loan
    Your checking account balance
    Student loan payment history
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  • In general, why do so many different types of companies check your credit report?
    To determine the price of the product or service
    to make sure you’re likely to make consistent & timely pymts
    They’re legally required to do so
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  • What should you do if you find errors in your credit report?
    Contact the credit reporting agency or the company
    Call the police to notify them of potential fraud
    Close the affected credit account(s)
    Report the error on your taxes
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