Module 8
1.! How many credit reports does a person usually have? Answer _____
a.
!
1
b.
!
2
c.
!
3
d.
!
4
2.! If there is inaccurate information in your credit report, your credit score could be lower
than it should be. What could happen then? Answer _____
a.
!
A loan application may be denied.
b.
!
You may lose out on a job opportunity.
c.
!
You may have to pay higher interest rates even if you get a loan.
d.
!
All of the above.
3.! The three types of active credit accounts that can appear on a credit report are:
Answer _____
a.
!
Rent history, student loans, and utility bills
b.
!
Installment loans, mortgages, and revolving charge accounts
c.
!
Credit cards, overdue library books, and rent-to-own furniture and appliance store
accounts.
d.
!
None of the above.
4.! What could be true about an account in “Collection” on a credit report?
Answer ______
a.
!
The account originally belonged to a lender and was sold to the collection agency.
b.
!
It could have come from a utility company or even a public library for an overdue
book.
c.
!
It creates negative information that could stay on your report for 7 years.
d.
!
All of the above.
5.! The most severe negative information that can appear on a credit report appears in which
section? Answer ____
a.
!
The Identification Section.
b.
!
The Public Records Section.
c.
!
The Private File Section.
d.
!
The list of inquiries.
