5.2 Your Credit Report | Baamboozle - Baamboozle

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What is the total amount of US credit card debt?

1 million dollars

$100,000

over 1 trillion dollars

1 billion dollars

Why do lenders look at credit reports?

To decide whether you are a qualified or risky candidate

To provide them with details about your savings account

To determine the size of your household

To edit your credit score

Why should you review your credit report regularly?

to check for accuracy; to see how different factors affect your FICO score

In general, why do so many different types of companies check your credit report?

They’re legally required to do so

to make sure you’re likely to make consistent & timely pymts

To determine the price of the product or service

Name one free online credit report services

Annualcreditreport.com Credit Karma Credit Sesame NerdWallet CreditWise WalletHub

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

Wells Fargo

Equifax

TransUnion

What should you do if you find errors in your credit report?

Report the error on your taxes

Contact the credit reporting agency or the company

Close the affected credit account(s)

Call the police to notify them of potential fraud

The following options are all included in your credit report trade lines except…

Current balances on your loans

Payment history

Amount of money in your checking account

When you opened your credit accounts

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

All of the following appear on your credit report EXCEPT…

Balance owed on a car loan

Your checking account balance

Student loan payment history

Number of active credit accounts