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MANAGING CREDIT TUTORIALReview Regarding CreditAnswer the following questions as a review on Credit. 1. Why is it important to maintain a good credit history?
a. Because your family will inherit it, and it's important to plan for their future
b. Because anyone can access your credit history at any time to learn about you
c. Because a good credit history can generally help you negotiate for a lower finance rate
d. Consumer protection laws state it is your responsibility to maintain good credit
2. What might happen if you fail to make several payments on purchases that you made a year ago?
a. The item(s) can be taken away from you, if the item(s) secured the credit obligation you took on when you bought the items
b. Negative information may be added to your
credit report
c. You could be denied credit in the future
d. All of the above
3. How can you find what your credit history looks like?
a. Contact a
credit reporting agency
b. Ask a private investigator to find out all they can about you
c. Look yourself up on the Internet
d. Check your family's credit history
4. Which of the following is not something a creditor will look at before granting you credit?
a. If you pay your bills on time
b. Where you live and your living arrangements
c. How many credit obligations you have
d. How much you owe on all your accounts
True or False 5. If you dispute information on your credit report, you can add a consumer statement explaining the circumstances.
a. True
b. False
6. If you can't make your car payment, it's best to wait until the next month to catch up on the payments.
a. True
b. False
7. If you are denied credit, the creditor is not legally required to explain why.
a. True
b. False
8. When creditors evaluate your income, they can't legally refuse to consider income from public assistance in the same manner as other income.
a. True
b. False
10. A creditor can deny your credit based on your marital status.
a. True
b. False
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