Debt Management and Credit Counseling
A Garden State Consumer Credit CounselingSM organization
A Non-Profit Organization
Credit Counseling


TEST YOUR CREDIT REPORT KNOWLEDGE

What is a credit report?
    A) A record of criminal actions
    B) A history of your debts and how you paid them back
    C) An information sheet about your nationality and family size
    D) All of the above

Who records all of this information?
    A) The credit bureaus
    B) The government
    C) Lenders
    D) Both A & B

What is/are the name(s) of the credit bureaus?
    A) Trans Union
    B) Equifax
    C) Experian
    D) All of the above

What is a credit score?
    A) The number that the government assigns to you when you apply for credit
    B) The number the lenders calculate to rate your payment history
    C) The number calculated by the credit bureaus that rates the likelihood that you will pay back your debts
    D) None of the above

Why does your credit rating matter?
    A) Because it determines the interest rate that you will pay
    B) Because it allows the lenders to make a decision on whether or not to lend you money
    C) Because it allows you to pay less than the purchase price
    D) Both A & B

Does co-signing for a loan affect your credit score?
    A) No, because it is not your responsibility
    B) Yes, because you are accepting full responsibility for the debt if the other person does not pay as agreed
    C) It is listed on the credit record only but does not affect the score
    D) No, because the lenders only have the name of the borrower

Who decides whether I should get credit?
    A) Credit grantors/lenders
    B) Credit bureaus
    C) The government
    D) All of the above

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Page last updated on 02/04/2012