Question

9. What can be taken off a credit report? A. Only Inaccurate items but not public...

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

Homework Answers

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.

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
What can be taken off a credit report? Only Inaccurate items but not public records Any...
What can be taken off a credit report? Only Inaccurate items but not public records Any inaccurate, incomplete, unverifiable accounts, old personal information and public records All information can come off at will Both A and B None above 10. How can one establish credit? Apply for a credit card Apply for a secured credit card Apply for a secured bank loan Become an authorized users in someone’s else credit A, B,& C options are correct 11. Can any company...
Can Negative Accounts Return on a credit report? YES!!! Accounts can reappear on a credit report...
Can Negative Accounts Return on a credit report? 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. 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...
Look at the option below: From this list, what would drop a credit score the most?...
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. Option F will drop a score the most, however, Option A can drop a score drastically too Delinquent Accounts over two years old Having wrong personal account information in a credit report Too many inquires Having many Collections Accounts Having numerous of credit cards accounts with high balance
Which of the following is true regarding setting personal debt limits? Can be more than one...
Which of the following is true regarding setting personal debt limits? Can be more than one answer. a. Your mortgage loan and all credit card charges, especially those paid in full every month, are included in the debt payments-to-disposable income method. b. The debt limit according to the continuous-debt method is a four-year payoff period. c. For most people, your debt limit should be lower than what creditors are willing to offer. d. Under the debt-to-income method, the recommended maximum...
4. A negative account that is four years old is being reported incorrectly in your client’s...
4. A negative account that is four years old is being reported incorrectly in your client’s credit report. This account shows that in the past, it was delinquent six times. How should you dispute this account? Determined how this particular account affects your client’s credit score before you dispute it. Because this account could be helping your client’s credit score. Dispute the inaccurately reported account to have it corrected. Do not dispute this account because you need at least one...
What are 4 key things you learned about the topic from reading their paper? How does...
What are 4 key things you learned about the topic from reading their paper? How does the topic relate to you and your current or past job? Critique the paper in terms of the organization and quality. Team 3 answer questions above. Part I In today’s world we see fear among people when dealing with sexual harassment. This leads to people not reporting sexual harassment. A misconception about sexual harassment is that it’s only about touching and forcing other people...
Sign In INNOVATION Deep Change: How Operational Innovation Can Transform Your Company by Michael Hammer From...
Sign In INNOVATION Deep Change: How Operational Innovation Can Transform Your Company by Michael Hammer From the April 2004 Issue Save Share 8.95 In 1991, Progressive Insurance, an automobile insurer based in Mayfield Village, Ohio, had approximately $1.3 billion in sales. By 2002, that figure had grown to $9.5 billion. What fashionable strategies did Progressive employ to achieve sevenfold growth in just over a decade? Was it positioned in a high-growth industry? Hardly. Auto insurance is a mature, 100-year-old industry...
Discuss ethical issues that can be identified in this case and the mode of managing ethics...
Discuss ethical issues that can be identified in this case and the mode of managing ethics Enron finds itself in this case. How would you describe the ethical culture and levels of trust at Enron? Provide reasons for your assessment. THE FALL OF ENRON: A STAKEHOLDER FAILURE Once upon a time, there was a gleaming headquarters office tower in Houston, with a giant tilted "£"' in front, slowly revolving in the Texas sun. The Enron Corporation, which once ranked among...
What role could the governance of ethics have played if it had been in existence in...
What role could the governance of ethics have played if it had been in existence in the organization? Assess the leadership of Enron from an ethical perspective. THE FALL OF ENRON: A STAKEHOLDER FAILURE Once upon a time, there was a gleaming headquarters office tower in Houston, with a giant tilted "£"' in front, slowly revolving in the Texas sun. The Enron Corporation, which once ranked among the top Fortune 500 companies, collapsed in 2001 under a mountain of debt...
What tools could AA leaders have used to increase their awareness of internal and external issues?...
What tools could AA leaders have used to increase their awareness of internal and external issues? ???ALASKA AIRLINES: NAVIGATING CHANGE In the autumn of 2007, Alaska Airlines executives adjourned at the end of a long and stressful day in the midst of a multi-day strategic planning session. Most headed outside to relax, unwind and enjoy a bonfire on the shore of Semiahmoo Spit, outside the meeting venue in Blaine, a seaport town in northwest Washington state. Meanwhile, several members of...