Credit Report Overview

Question 1

A credit report contains information that each credit bureau has on a consumer…

Answer 1

History of Accounts
Number of inquiries
Number of Collections

Question 2

Personal Information, includes:

Answer 2

Consumer identification information, including name, social security number, addresses,
phone numbers, and employers

Question 3

Account/Trade Line Information, includes:

Answer 3

Information about each consumer credit account, including payment history, account dates, credit limits, and balances owed

Question 4

Public Records

Answer 4

Items that are listed in the public record, including bankruptcy, judgments, tax liens, and
wage garnishments

Question 5

Inquiries

Answer 5

Requests initiated by a company or person for a consumer’s credit profile information

Question 6

Consumer Rights

Answer 6

Information about consumer rights and protection for reference (included in credit reports from the major credit reporting agencies, but not in most tri-merge reports)

Question 7

Which section of a credit report will contain employer details?
A. Consumer rights
B. Account information
C. Personal information
D. Public records
E. Inquiries

Answer 7

C. Personal information

Question 8

Which section of a credit report will contain information about a student loan?
A. Personal information
B. Public records
C. Inquiries
D. Consumer rights
E. Account information

Answer 8

E. Account information

Question 9

Which section of a credit report will contain court information such as bankruptcy?
A. Public records
B. Inquiries
C. Personal information
D. Consumer rights
E. Account information

Answer 9

A. Public records

Question 10

Which section of a credit report will show recent attempts to open a credit card?
A. Personal information
B. Public records
C. Consumer rights
D. Inquiries
E. Account information

Answer 10

D. Inquiries

Question 11

Which section of a credit report will contain information about how to correct inaccuracies?
A. Personal information
B. Consumer rights
C. Public records
D. Inquiries
E. Account information

Answer 11

B. Consumer rights

Question 12

35% Account History accounts, including late payments, delinquencies,
judgments, and liens
30% Amounts Owed
to the amount of credit owed
15% history in the report, as well as the average age of history accounts
10% New Credit
inquiries, as well as new credit accounts
10% Types of Credit Portion of score based on the variety of accounts (e.g.,
Used credit card, auto loan, mortgage)

Question 13

Fair Credit Reporting Act (FCRA

Answer 13

You have the right to dispute incomplete or inaccurate information.
Incorrect information must be removed or corrected, usually within 30
days; however, a consumer reporting agency may continue to report information it
has verified as accurate.

Question 14

Fair and Accurate Credit Transactions Act (FACTA)

Answer 14

• You have the right to a free annual credit report.
• Credit card numbers must be truncated so the full number is not visible on receipts.
• You have the right to place a fraud alert on your credit file.

Question 15

Fair Credit Billing Act (FCBA)

Answer 15

-You can dispute billing errors associated with your credit card account.
A dispute must be sent via mail within 60 days of the date on the credit card
statement that shows an error. The creditor has 30 days to acknowledge the letter
and 90 days to research the dispute and make a determination.
• You must be billed in a timely manner.
Creditors must send billing statements to consumers at least 14 days before the
payment is due.

Question 16

Which complies with fair credit laws?
A. An employer can check a credit report at any time.
B. A vendor can display part of the credit card number on the sales receipt.
C. A credit reporting agency can list information about a collection over eight years old.
D. A creditor can acknowledge a consumer dispute after two months.

Answer 16

B. A vendor can display part of the credit card number on the sales receipt.

Question 17

Which federal law protects a consumer’s right to dispute a billing error associated with his
or her credit card account?
A. Fair and Accurate Credit Transactions Act (FACTA)
B. Fair Credit Reporting Act (FCRA)
C. Fair Credit Billing Act (FCBA)

Answer 17

C. Fair Credit Billing Act (FCBA)