SU # 50__Credit Scores and FICO Flashcards
The factors on which credit scores are based include all of the following EXCEPT ________.
number of family members who have credit cards.
length of credit history.
number of recent inquiries.
unused available credit.
number of family members who have credit cards.
The median FICO score in the United States is reportedly
550
672
723
799
723
Under the Fair and Accurate Credit Transactions Act, if a consumer asks one of the national credit bureaus to investigate an alleged error in her credit report, the bureau must:
give the consumer access to her full credit history.
check the consumer’s credit history at the other national credit bureaus.
notify all users of the consumer’s credit report that there is a dispute.
investigate, correct, and notify the other bureaus of any error within thirty days.
investigate, correct, and notify the other bureaus of any error within thirty days.
Which of the following best describes the credit score?
A numerical ranking of the amount of credit a borrower can qualify for.
A statistical prediction of the likelihood that a borrower will default on a loan.
The percentage of previously borrowed funds that an applicant has repaid.
The total amount of debt a borrower is carrying divided by the borrower’s annual salary times the number of effective working years left to the borrower.
A statistical prediction of the likelihood that a borrower will default on a loan.
Which of the following would NOT be found in a consumer’s credit report?
Information about bankruptcies and foreclosures.
Social Security Number.
Mortgage payment history.
Annual income.
Annual income.
