Question

Look at the option below: From this list, what would drop a credit score the most? If could drop a score 20 to 100 points.

1. Option F will drop a score the most, however, Option A can drop a score drastically too
2. Delinquent Accounts over two years old
3. Having wrong personal account information in a credit report
4. Too many inquires
5. Having many Collections Accounts
6. Having numerous of credit cards accounts with high balance

Answer 1

1. Negative items such as one time missed payments, collection accounts, etc can be taken off a credit report. Since no such items are given, option E which states None Above is correct.

2. One can establish credit by applying for a credit card or a secured credit card or applying for a secured bank loan.

3.  No company or employer can obtain a copy of a credit report without the employee or applicant permission. A company who does not take the permission of employee has violated the FCRA. Hence option A is correct.

4. A person permitted by a credit cardholder to use the card but is not necessarily responsible for repayment of the debt but may be forced to make payments is an authorised user.

Hence option B is correct.