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5.2 Your Credit Report

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  •  English    10     Public
    NGPF
  •   Study   Slideshow
  • What is the total amount of US credit card debt?
    1 billion dollars
    $100,000
    over 1 trillion dollars
    1 million dollars
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  • Why do lenders look at credit reports?
    To determine the size of your household
    To provide them with details about your savings account
    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…
    Payment history
    Current balances on your loans
    Amount of money in your checking account
    When you opened your credit accounts
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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?
    Experian
    Equifax
    Wells Fargo
    TransUnion
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  • All of the following appear on your credit report EXCEPT…
    Balance owed on a car loan
    Your checking account balance
    Number of active credit accounts
    Student loan payment history
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  • In general, why do so many different types of companies check your credit report?
    to make sure you’re likely to make consistent & timely pymts
    To determine the price of the product or service
    They’re legally required to do so
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  • What should you do if you find errors in your credit report?
    Call the police to notify them of potential fraud
    Report the error on your taxes
    Contact the credit reporting agency or the company
    Close the affected credit account(s)
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