Question

9. What can be taken off a credit report?

• A. Only Inaccurate items but not public records
• B. Any inaccurate, incomplete, unverifiable accounts, old personal information and public records
• C. All information can come off at will
• D. Both A and B
• E. None above

10. How can one establish credit?

• A. Apply for a credit card
• B. Apply for a secured credit card
• C. Apply for a secured bank loan
• D. Become an authorized users in someone’s else credit
• E. A, B,& C options are correct

11. Can any company or employee obtain a copy of a credit report without the employee or applicant permission?

1. No
2. Maybe if you are the police office
3. Sometimes
4. Yes
5. Yes, but people don’t like it very much

12. What is an Authorized User? Can it affect a credit score? Please note that there could more than one right answers.

1. A person that is authorized to purchase a vehicle in the their employer. However they are not responsible for repayment id the debt. This will enhance their credit score.
2. 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.
3. A person permitted by a credit cardholder to use the card but us not responsible to repayment of the debt. Its is an excellent way to build credit for kids and friends. But could be stopped because of FICO 08.
4. A married couple who is authorized to act in behalf of one another and enjoy a merged credit score (good or bad).
5. Both B &C

13. 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

14. How long does account information remain on the credit report?

1. Bankruptcies, judgments, and liens, missed payments and most public record items remain on the credit report for seven years.
2. Chapter 7,11, and 12 bankruptcies, which remain for 10 years
3. Unpaid tax liens remain for up to 15 years.
4. Active positive information may remain in the report indefinitely.
5. Requests for your credit history remain n the credit report for u to two years
6. All of the above
7. A & B

15. Some credit card companies have a dirty little secret when reporting the payment history of their customers to credit bureaus. Is this true.

1. No it is not true because they are required my law not to have secrets.
2. Yes it is true and they sometimes purposely fail to report the correct credit limits of their customers
3. No, not true
4. Yes it is true, but it is not clearly understood
5. No it is not true and they report credit limits and credit history as agreed without mistakes.

16. Can Negative Accounts Return on a credit report?

1. YES!!! Accounts can reappear on a credit report if they were not verified in time but verifiable. However, it very rare. Once an item is deleted, the FCRA make it difficult to re-report an item. Especially if it was an unverified account.
2. YES!! And Also the credit reporting agencies face monetary penalties of up to $1,000 per reporting. The Fair Credit Reporting Act also requires that the credit bureaus inform you before they re-report a previously deleted listing
3. NO, they can NEVER reappear on your credit report.
4. Both A & B
5. None of the options above are correct

17. If one has poor or no credit history, how can they get approved for a loan?

• A. Get a co-signer
• B. Provide a larger downpayment
• C. Both A & B
• D. Go to another Leander
• E. keeping applying for credit until approved

18.Let’s say that you have a credit card with small credit limit of $250. The current balance of $150. However, you pay the balance off each month in full when the statements comes. Can this be a factor in a utilization ratio that will affect a credit score?

1. Yes, because credit limit determines everything
2. Yes
3. No, because smaller amounts can be easily paid
4. Yes, & No depending on the amount
5. Yes, it can be a factor, because the lenders will report the balance at the time of billing. This limit and balance will affect your utilization ratio.

19.What does Vacating a judgement means?

1. A way to have a judgment voided and used by credit repair companies but may be llegal.
2. A legal way to remove a collection account prior to judgment
3. Placing a consumer statement for a judgment.
4. A legal way of having a judgment null and voided
5. A way to payoff and charge-off account prior to judgment

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 whihc 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. Hence option E which states A, B & C options are correct is the right option.

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.