What do you know about credit scores?

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Take our quiz on credit scores and credit reports

A good credit score can help you qualify for credit cards, loans and mortgages and get lower interest rates. Understanding the factors that affect your credit score and credit reports allows you to take steps to improve your score. Take our quiz on credit scores, and see if you're credit-score savvy.

The Quiz

1 of x

  1. How often should you check your credit report?

  • At least once a year

  • Before applying for new credit such as a loan or mortgage

  • When you suspect you may have been the victim of identity theft or fraud

  • All of the above

Submit

Yes, the correct answer is all of the above. Your credit report affects your ability to qualify for new credit and low interest rates, so you should check your credit report regularly, before applying for new credit or when you suspect fraud so you can catch and correct errors.

Sorry, the correct answer is all of the above. Your credit report affects your ability to qualify for new credit and low interest rates, so you should check your credit report regularly, before applying for new credit or when you suspect fraud so you can catch and correct errors.

Next

  1. How long does bankruptcy stay on your credit report?

  • 7 years

  • 7 or 10 years

  • 5 years

  • 5 or 7 years

Submit

Yes, the correct answer is 7 or 10 years. A Chapter 13 bankruptcy stays on your credit report for 7 years, while a Chapter 7 bankruptcy stays for 10 years.

Sorry, the correct answer is 7 or 10 years. A Chapter 13 bankruptcy stays on your credit report for 7 years, while a Chapter 7 bankruptcy stays for 10 years.

Next

  1. Which of the following is not one of the three main credit bureaus?

  • Equifax

  • Experian

  • FICO

  • TransUnion

Submit

Correct - FICO is not a credit bureau. It provides the credit scores that most credit bureaus use to compile your credit reports.

Sorry, FICO is not a credit bureau. It provides the credit scores that most credit bureaus use to compile your credit reports.

Next

  1. Who do you need to contact to correct errors in your credit report?

  • The credit bureau

  • The creditor

  • The credit card issuer

  • The merchant

Submit

Yes, the correct answer is the credit bureau. Send them a letter requesting an investigation or fill out their online dispute form. You may need to provide copies of any supporting documents.

Sorry, the correct answer is the credit bureau. Send them a letter requesting an investigation or fill out their online dispute form. You may need to provide copies of any supporting documents.

Next

  1. Once you file a dispute about an error in your credit report, how long does the credit agency have to confirm the entry?

  • 15 days

  • 30 days

  • 60 days

  • 90 days

Submit

Yes, the correct answer is 30 days. If the credit bureau cannot confirm the entry in that time, they are required to delete it.

Sorry, the correct answer is 30 days. If the credit bureau cannot confirm the entry in that time, they are required to delete it.

Next

  1. How often are you entitled to a free credit report?

  • Once a year from each credit bureau, and another if you’ve been turned down for credit

  • Once every three years, and any time you’ve been turned down for credit

  • Once a year from one of the three main credit bureaus

  • Once a year as part of the application for a new line of credit

Submit

Yes, the correct answer is once a year from each credit bureau, and another if you’ve been turned down for credit.

Sorry, the correct answer is once a year from each credit bureau, and another if you’ve been turned down for credit.

Next

  1. How can you improve your credit score?

  • Contact the credit bureau to correct errors in your report

  • Contact your creditors to set up repayment plans for outstanding debt

  • Improve your use of credit so your credit score will gradually increase

  • All of the above

Submit

Yes, the correct answer is all of the above. Report any suspected errors in your credit report, pay off debt and manage your credit responsibly to improve your credit score.

Sorry, the correct answer is all of the above. Report any suspected errors in your credit report, pay off debt and manage your credit responsibly to improve your credit score

Next

  1. What does FICO stand for?

  • Financial Investigation Company

  • Fair Isaac Corporation

  • Financial Interest and Credit Organization

  • Fair Interest Corporation

Submit

Yes, the correct answer is Fair Isaac Corporation. FICO provides the most commonly used credit scores.

Sorry, the correct answer is Fair Isaac Corporation. FICO provides the most commonly used credit scores.

Next

  1. What is the range of credit scores?

  • 250-750

  • 100-800

  • 300-850

  • 0-1000

Submit

Yes, the correct answer is 300-850. The higher your credit score, the more likely you are to qualify for credit and low interest rates. A good score is usually considered to be 700 or higher.

Sorry, the correct answer is 300-850. The higher your credit score, the more likely you are to qualify for credit and low interest rates. A good score is usually considered to be 700 or higher.

Next

  1. Which is not a factor in your credit score?

  • Employment history

  • Payment History

  • Debt

  • Length of credit history

Submit

Correct - employment history is not a factor in your credit score. The key factors affecting your credit score are payment history, debt, length of credit history, new credit and types of credit used.

Sorry, employment history is not a factor in your credit score. The key factors affecting your credit score are payment history, debt, length of credit history, new credit and types of credit used.

Next

  1. Approximately what percentage of your credit score is determined by your debt?

  • 10%

  • 15%

  • 30%

  • 35%

Submit

Yes, the correct answer is 30%. This includes the total amount you owe and the percentage of your credit you utilize. To improve this part of your score, pay down debt and try to avoid using more than 50% of your available credit.

Sorry, the correct answer is 30%. This includes the total amount you owe and the percentage of your credit you utilize. To improve this part of your score, pay down debt and try to avoid using more than 50% of your available credit.

Next

  1. Which of the following can potentially lower your credit score?

  • Applying for a lot of credit over a short period of time

  • Having too much available credit

  • Getting an overdraft charge on your debit card

  • All of the above

Submit

Yes, the correct answer is all of the above. Applying for a lot of credit over a short period of time or having a large amount of available credit can hurt your credit score. As well, overdraft charges on your debit card can potentially affect your credit score if you fail to pay the charge and it is sent to a collection agency.

Sorry, the correct answer is all of the above. Applying for a lot of credit over a short period of time or having a large amount of available credit can hurt your credit score. As well, overdraft charges on your debit card can potentially affect your credit score if you fail to pay the charge and it is sent to a collection agency.

Next

You scored: x correct out of y.

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