by tcarter
Understanding how credit bureaus operate and the role they play in your financial health can be a game-changer. This quiz will challenge your knowledge on various aspects of credit bureaus, from their functions to the information they collect. Get ready to enhance your financial literacy and gain insights that could help you manage your credit more effectively. Let’s dive in and see how much you know!
We recommend that you do not leave the page that you are taking this quiz in. Stay honest 🙂
Credit Bureaus Quiz Questions Overview
1. What is the primary function of a credit bureau?
To issue credit cards
To collect and maintain individual credit information
To provide loans
To manage bank accounts
2. Which of the following is NOT one of the three major credit bureaus in the United States?
Equifax
Experian
TransUnion
FICO
3. How often are you entitled to a free credit report from each of the major credit bureaus?
Once a month
Once every six months
Once a year
Twice a year
4. What type of information is NOT typically found on a credit report?
Credit account history
Employment history
Medical history
Public records
5. Which law requires credit bureaus to provide consumers with a free credit report annually?
Fair Credit Reporting Act (FCRA)
Fair Debt Collection Practices Act (FDCPA)
Truth in Lending Act (TILA)
Equal Credit Opportunity Act (ECOA)
6. What is a credit score?
A measure of your annual income
A numerical summary of your creditworthiness
A list of your outstanding debts
A report of your employment history
7. Which of the following factors does NOT directly affect your credit score?
Payment history
Credit utilization
Length of credit history
Your age
8. What should you do if you find an error on your credit report?
Ignore it
Report it to the credit bureau
Report it to your bank
Wait for it to be corrected automatically
9. Which of the following is a common reason for a credit score to drop?
Paying off a loan
Opening a new credit card
Missing a payment
Checking your credit report
10. How long do most negative items stay on your credit report?
2 years
5 years
7 years
10 years
11. Which of the following is a type of credit inquiry that does NOT affect your credit score?
Hard inquiry
Soft inquiry
Credit application
Loan application
12. What is the purpose of a credit freeze?
To increase your credit score
To prevent new creditors from accessing your credit report
To close your credit accounts
To consolidate your debts
We recommend that you do not leave the page that you are taking this quiz in. Stay honest 🙂
