For many stendents its close to mid terms. I thought it would be a good idea to quiz our readers on credit monitoring,  credit reports and credit scores. Get your number 2 pencils out, take a seat, and no peeking off your neighbors!

1) How many credit bureaus are there?

  • a) 1
  • b) 2
  • c) 3
  • d) 3+

2) What is considered a “good” credit score? Anything over:

  • a) 550
  • b) 670
  • c) 700
  • d) 750

3) What impacts your credit score the most?

  • a) Payment History
  • b) Level of Debt
  • c) Number of Open Accounts

4) Are creditors required by law to report your account information to the credit bureaus?

  • a) Yes
  • b) No

5) Does enrolling in a credit monitoring service hurt your credit score?

  • a) Yes
  • b) No

6) Canceling old credit cards will improve my score.

  • a) True
  • b) False

7) Can a potential employer use your credit score as a hiring factor?

  • a) Yes
  • b) No

Unsolicited credit card offers effect your credit score.

  • a) True
  • b) False

9) Your age, gender, and income effect your credit score.

  • a) True
  • b) False

 

 

Answers:

1) Answer is c) 3

Experian, Equifax, and Transunion. These 3 credit bureaus provide the United States will the credit data that is shown on your credit reports. It is important to check all 3 credit reports as they can show different information. Not all your creditors will choose to report to all 3 bureaus.

2) Answer is c) 700

Most lenders will consider anything over 700 to be a good credit score, this will give you access to very good credit rates. 700 and above is a great goal for all of us to maintain.

3) Answer is a) Payment History

Paying your debts on time will have the most impact on your credit score, positively and negatively. If you constantly pay your debts on or before the payment due date, your credit score will rise. Consequently if you pay past the due date your credit score will fall. The other factors will effect your scores, but your payment history has the largest impact.

4) Answer is b) No.

There is no law on the books that requires your creditors to report your accounts or payment history to the credit bureaus.

5) Answer is b) No.

Signing up for a credit monitoring service will not hurt your credit score.  There are 2 types of credit inquiry’s hard and soft. A hard inquiry is what you get when you apply for credit, and yes this will hurt your credit score. A soft inquiry is when you pull your credit score these will not hurt your credit score. Learn more about hard and soft inquiry’s.

6) Answer b) False

When you close down a credit card, your available credit will decrease, and this in turn will lower your credit score. One of the factors used in calculating your credit score is your available credit limit.  When you close an open account that amount decreases and this will effect your credit score.

7) Answer a) Yes

Yes potential employers can use your credit score as a factor in order to make a decision on whether to hire you or not to hire you.  Keep up to date on this issue on our blog, we here at Best Credit Reports are against this, and will keep you up to date on lobbying efforts to get this removed as a factor in which you can be hired on.

Answer b) No

Those annoying unsolicited credit card offers we all get will not effect your credit score. The way they work is the company who wants you to sign up for the credit card will buy a list of names from the credit bureaus. Generally they will buy lists with a certain set of credit scores. And if you happen to fall within the range the credit card company is looking for, you will get mail!

9) b) No

Your age, gender and income have no effect on your credit scores!

To learn your credit scores to day, enroll in our free trial of credit monitoring.

 


 

 


 

 

 

 

 

 

 

 

 

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