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


TEST YOUR FINANCIAL KNOWLEDGE

Judgments remain on your credit report for ________ years.
    forever
    7-10 years
    they do not appear on your credit report


If you are declined for credit you should_____________.
    apply someplace else
    find out why
    make a complaint to the Federal Trade Commission


If you declare bankruptcy you ____________________.
    do not pay your mortgage back
    will have it report on your credit report for 7-10 years
    are free of debt and can do anything you want


If you lose your credit card what are you liable for?
    nothing, the bank will replace the money
    who cares, you don’t use the card anyway
    at the most $50, if the card is reported stolen


If you are having problems with a creditor you should report them to _______.
    the Federal Trade Commission
    one of the major credit bureaus
    your spouse


Your are entitled to a free credit report _____________.
    when you are turned down for credit
    once per calendar year
    both of the above


You can save money on gas for your car by keeping the air conditioning off at highway speeds and opening your windows.
    True
    False


You can reduce repairs on appliances by having service contracts.
    True
    False


If you have a lot of credit card debt, a good way to pay it back would be to get a home equity loan.
    True
    False


If you have a poor credit record you should call a credit repair agency to have the negative items removed for a small fee.
    True
    False

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Page last updated on 07/29/2010