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Exam 7: Assessing and Securing Your Credit

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Question 31

Multiple Choice

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Which of the following is not one of the three primary credit bureaus?

A) Equifax
B) Experian
C) TransUnion
D) Fair Isaac Corporation

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Question 32

Multiple Choice

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The minimum credit score required by financial institutions

A) varies by institution.
B) is 500.
C) is 550.
D) is 600.

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Question 33

True/False

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In order to have credit in the future,you must have used it wisely in the past.

Which of the following would not help improve your credit score?

Excessive use of credit can impair your ability to save money.

Revolving open-end credit typically does not specify a maximum amount that can be borrowed.

If you find that you will not be able to make credit payments on time,the best course of action is to immediately notify the creditor.

Creditors prefer a ________ level of cash inflows and ________ level of cash outflows.

The impact of credit ________ saving and ________ spending.

All of the following are correct statements about credit except

Federal law requires creditors to explain the reasons for the denial of credit.

Unless your identity is stolen by someone out of state,you should only report the crime to local law enforcement.

Historical credit problems remain on a credit bureau's report for ________ years while a bankruptcy remains for ________ years.

With a credit rating of over 500,you should have no problem getting approval for credit purchases.

Your credit report can be requested online and should be checked periodically for errors.

Obtaining information in order to steal your identity from documents discarded by your bank is an example of

The average individual loss as a result of identity theft has in recent years been

Which of the following will not be included on your credit report?

If a person obtains your credit card number by standing close enough to you to either see your credit card or hear you speak the number during a telephone call,they are

Of the following statements,which is not a disadvantage of using credit?