Intro to Credit Scores
How Credit Reports Work
OK, but back to my credit report—that looks at whether I paid my bills in the previous month?
It does, but it goes back a lot farther than that.
Which of the following is the only source of free credit reports approved by the U.S. government?
Bank of America
Credit Karma
Nerd Wallet
Annual Credit Report
How often should you check your credit report?
There’s no need to check because credit reports are managed by the U.S. government
There’s no need to check because credit reports have been phased out and replaced by credit scores
You should check your credit report every seven years
You should check your credit report every year
What can happen if you co-sign a loan with another person?
You may be responsible for the entire loan if the other person can’t pay
You may be charged a higher interest rate on any loans you take out in the future
Your credit score can be affected by the actions of the person you signed for
All of the above
If you miss a payment, how long does this stay on your record?
Seven years regardless of whether you pay the bill in full
Three years as long as you eventually pay the bill in full
One year as long as you eventually pay the bill in full
Missed payments don’t appear on your record as long as you eventually pay the bill in full