Segment 1--Credit Reporting and how it works

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1 point

It isn't necessary to check all 3 credit bureau's credit report.

True

False

1 point

A credit bureau does not make decisions about whether a consumer qualifies for a loan or credit card.

True

False

1 point

The three credit bureaus are government agencies.

True

False

1 point

Federal law entitles you to:

Only one free credit report a year

Only one free credit score a year

One free annual report from each credit bureau

1 point

There are three national credit reporting bureaus that keep financial records on consumers.

True

False

1 point

Which of the following are contained in a credit report?

All credit cards

Bank deposit accounts

Car loans

Mortgage/real estate accounts

A and B only

A, C and D only

1 point

The information from each credit bureau is always the same.

True

False

1 point

A credit bureau collects, summarizes and protects the consumer's financial history which is provided by the consumer's creditors.

True

False

1 point

A credit bureau gathers information on how you handle credit.

True

False

10.

1 point

Creditors use the information credit bureaus gather in order to determine if you are creditworthy and trustworthy.

True

False

11.

1 point

There are many authorized website that provides you with a free annual credit report from credit bureau.

True

False

12.

1 point

Only lenders and credit card issuers may examine your past credit use when making decisions about you as a potential customer.

True

False

13.

1 point

About every 3 months new information is sent to the 3 credit bureaus to update your financial history by the consumer's creditors.

True

False

14.

1 point

Which of the following could happen if you don't handle your credit correctly.

Denial of loan or credit

Higher interest rates on insurance

Higher interest rates on existing accounts

Denial of utilities

15.

1 point

The three credit bureaus work with lenders, creditors, insurers and employers to update and distribute your information to the appropriate institutions.

True

False

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