CBR Foundation for Financial Education, Inc.

 Providing financial education
   to the community

Contact us

phone: (262) 637-9580
fax: (262) 637-1660
email: info@cbracine.org
Credit Quiz:
Test your credit knowledge

The answers can be found in a popup window. No peeking!

1. What are the three major credit bureaus in the United States?

  1. Experian, Equifax, TransUnion
  2. American Express, Master Card, Visa
  3. Bank of America, Citibank, Chase Manhattan

2. What is the best way to improve your credit?

  1. File for bankruptcy
  2. Apply for credit to pay off previous debts
  3. Make all payments on time, every time
  4. Ignore charge-offs on your credit report

3. Can an employer get a copy of your credit report without your permission?

  1. Yes
  2. No

4. How long can a bankruptcy stay on your credit report?

  1. 2 years
  2. 5 years
  3. 7 years
  4. 10 years

5. What information is used to calculate your credit score?

  1. Your average credit history from the previous year
  2. The information that appears on your credit report the day your score is calculated
  3. Information contained on your credit reports from the last three months
  4. Your credit report and bank statements

6. Credit repair companies.

  1. Can “clean up” your credit by removing accurate, negative information
  2. Can only legally dispute inaccurate information on a credit report, which you may do yourself for free
  3. Help you legally create a new credit history
  4. Do a better job if you pay them more money

7. Under what circumstances are consumers entitled to a free credit report from a credit bureau?

  1. After they have been denied credit
  2. If they live in one of the five states that have laws mandating annual free credit reports
  3. When they write to a bureau and request a copy of their own report
  4. A and B only

8. When you marry, your credit report.

  1. Is merged with your spouse’s credit history
  2. Stays the same. The only information on both spouses’ reports are joint accounts or those for which one spouse is an authorized user.
  3. Shows your spouse’s debt in a separate section a.
  4. It is wiped clean so you can start again

Quiz Answers    |    CBR Home Page