A credit report is a detailed record of credit and financial transactions. The information from a credit report is used to calculate a credit score, which is used to determine a borrower’s risk. True False

Which credit protection law requires credit bureaus to maintain an accurate reporting of your credit?A.The Truth in Lending ActB.The Fair Debt Collection Practices ActC.The Fair Credit Reporting ActD.The Equal Credit Opportunity ActSUBMITarrow_backPREVIOUS

Banks and lenders use credit scores to determine . . .The likelihood that someone is able to repay debtHow much collateral someone has available to put up for a loanA person's financial responsibilityHow successful someone is

Banks and credit card companies use credit scores to:A.calculate the amount of compound interest on an account.B.determine whether a person's debts can be forgiven in bankruptcy.C.seize people's property if they fail to pay back loans in a timely manner.D.decide whether an applicant is likely to pay back borrowed money.

What information is not included in a credit report?A.Open and closed credit accountsB.Race or ethnicityC.Credit balancesD.Employment historySUBMITarrow_backPREVIOUS

A financial statement that provides a summary of revenues and expenses over a period of time is called…A balance sheetA cash flow statementAn income statementA sales report