KEEPING AN I ON YOUR CREDIT REPORT (IDENTIFY, INTERPRET, IMPLEMENT)

MARK MCKENNA TRESSA HADERLIE

Before beginning this instruction, please take this short survey... just to make sure this instruction is for you. (We wouldnt want to waste your time or this paper!) Answer as honestly as you can. The purpose is for you to be able to determine how much you can benefit from this instruction. 1. Do you have any credit? Circle one. Yes or No 2. How much (on a scale of 1 to 5) do you know about your credit history? 1. Nothing (What do you mean by credit history?) 2. A little bit (I have credit but I dont know much about it.) 3. So-so 4. A lot (I pretty much know whether my credit history is good or bad. 5. A lot (I know exactly whether my credit history is good or bad. I know my credit score and I know whether my financial actions will hurt or help me.) 3. Have you ever taken out a loan? Circle one. Yes or No 4. Have you ever pulled your credit report? Circle one. Yes or No 5. What is an open account? a. An account that consists of overdue payments b. An account that is available to more than one person. c. An account that is active and still being used. d. A mortgage or equivalent homeowner loan 6. What is the best term that describes an account that is a fixed agreement to which a person makes regular payments? a. collection account b. installment account c. derogatory account d. revolving account 7. What is a credit inquiry? a. The act by which an entity requests your personal credit information b. An awkward question a friend asks you at a party c. The total amount of debt you owe for your open and closed accounts d. An unknown credit account category 8. Do you know anyone who has ever had problems with their credit? Circle one. Yes or No 9. Which of these statements most accurately describes your comfort level in analyzing a credit report? a. I have never seen one before and Im scared to look. b. I havent seen one but Im not scared to look. c. I have seen one but I dont know what it means. d. I have seen a credit report and am familiar with whats in it. e. I have looked at several credit reports and I know what to look for.

__________________________________ Check Yourself: This questionnaire is designed to help you know whether this instruction will help you in your present credit situation. Check over your answers and read the commentary that goes along with each.

1. If you answered No then you probably do not need to participate in this instruction. 2. If you put a 5 on this question then you do not need to take this instruction. Otherwise there is a good chance you will gain some useful skills from this instruction. 3. If you circled Yes, thats great! Loans are a big part of your credit report and its important to know the information on the report that corresponds to your loans. If you circled No, you can probably still benefit from this instruction granted you have another form of credit. 4. It doesnt matter what you circled on this one. Whether youve seen your credit report or not, this instruction can inform you about the important parts of your report. 5. The correct answer is C. If you missed this answer then get ready because you will learn about this topic later in the instruction. 6. The correct answer is B. You will learn more about this topic later as well. 7. The correct answer is A. You will learn more about this topic later as well. 8. There are some scary stories out there related to identity theft and credit fraud. Its also scary to hear about people who have hurt themselves through their own credit management. Whether you have heard about these or not, you will benefit from practicing the strategies presented in this instruction. 9. Unless you answered E, chances are this instruction will be useful to you.

Based on this questionnaire you can determine for yourself whether you want to continue with the rest of this instruction. Credit reports are an extremely important part of managing our finances. If youve decided to continue with the instruction, then get ready! You are about to become a credit-analyzing, report-pulling, full-fledged responsible credit holder.

This will take about an hour to complete. When you answer questions, fill in all the blanks because we want to see your results.

When you are done with this instruction you will have the skills and resources to analyze your own credit report. Specifically, you will be able to: effectively navigate your credit report by identifying the major sections, define the big, scary words scattered throughout your credit report, accurately compare and contrast your own information with the information on your credit report in order to detect possible identity fraud and to maintain accurate information for when an organization inquires about your credit, follow a simple checklist that will guide you as you responsibly analyze your credit report each year.

In other words, you will be able to keep an I on your credit report; you will be able to identify the important sections, interpret the complicated information, and implement effective strategies for responsibly maintaining your credit report. The nice thing about this instruction is that you will be able to keep it. You can reference back to it (three times a year, if you want!) as you analyze your own credit report.

PART 1:

IDENTIFY

MAJOR SECTIONS OF A CREDIT REPORT:

One of the first steps in analyzing your credit report is to understand the major sections of the report. It is a good idea to have the big picture in mind when looking at your credit report. This can make it much less overwhelming. Your task when analyzing your credit report is to make it as simplified as possible, so you dont get lost in the abyss of data and big words. You do not need to worry about understanding what all these sections mean. You will learn this in the next phase of the instruction. For now, you only need to be able to spot them when looking at a real credit report. Credit reports are organized in many different ways, but they usually contain the following sections:

Section Outline: 1. Personal Information 2. Account Information 3. Negative Account(s) 4. Public Information/ Records 5. Inquiries

PRACTICE ACTIVITY:
Take a look at the attached sample credit report. Glance through the sample report and identify the major sections, which are in BLUE (just like in the section outline above).

Write the number from the section outline in the blank (________) next to the section on the sample credit report. (There may be certain sections on the sample report that are repeated. You can write the number more than one time on the sample report, just so you know.)

Equifax Credit Report for Jane Doe As of: 10/14/11 Confirmation #: 1938378746

___Mortgage Accounts
Account Name METLIFE HOME LOANS Account Number 483001364XXXX Date Opened 07/2010 Balance $64,556 Date Reported 10/2011 Past Due Status PAYS AS AGREED Credit Limit

METLIFE HOME LOANS 4000 Horizon Way Irving, TX-750632260 (214) 441-4575 Account Number: Account Owner: Type of Account : Term Duration: 483001364XXXX Joint Account Mortgage 20 Years Status: High Credit: Credit Limit: Terms Frequency: Monthly (due every month) PAYS AS AGREED $67,000

___Installment Accounts
Open Accounts
Account Name FED LOAN SERVICING Account Number Date Opened Balance Date Reported 09/2011 Past Due $0 Status PAYS AS AGREED Credit Limit

8778336403FD0XXXX 08/2011

$4,250

AES/FED LOAN SERVICING PO Box 69184 Harrisburg, PA-171069184 (800) 699-2908 Account Number: Account Owner: Type of Account: Comments:
81-Month Payment History

8778336403FD0XXXX Individual Account. Installment

Status: High Credit: Credit Limit:

PAYS AS AGREED $4,250

Student loan - payment deferred

Closed Accounts
Account Name USU CHARTER FCUN Account Number Date Opened 12/2006 Balance Date Reported 08/2011 Past Due Status PAYS AS AGREED Credit Limit

899943XXXX

$0

USU COMMUNITY CREDIT UNION PO Box 446 Logan, UT-843230446 (801) 753-4080 Account Number: Account Owner: Type of Account: Term Duration: Date Closed: 899943XXXX Joint Account Installment 36 Months 06/2009 Status: High Credit: Credit Limit: Terms Frequency: Type of Loan: Monthly (due every month) Auto PAYS AS AGREED $8,881

___Revolving Accounts
Open Accounts
Account Name CAPITAL ONE BANK USA Account Number Date Opened Balance Date Reported 10/2011 Past Due Status PAYS AS AGREED Credit Limit $500

486216715364XXXX 12/2007

$0

CAPITAL ONE PO Box 30281 Salt Lake City, UT-841300281 Account Number: Account Owner: Type of Account: Date Closed: 486216715364XXXX Individual Account. Revolving Status: High Credit: Credit Limit: Type of Loan: PAYS AS AGREED $419 $500 Credit Card

Account Name WELLS FARGO CARD SER

Account Number

Date Opened

Balance

Date Reported 09/2011

Past Due

Status PAYS AS AGREED

Credit Limit $8,000

446542039204XXXX 02/2009

$131

WELLS FARGO CARD SERVICES Crdt Bureau Dispute Resolution PO Box 14517 Des Moines, IA-503063517 (800) 642-4720 Account Number: Account Owner: Type of Account: Date Closed: 446542039204XXXX Individual Account. Revolving Status: High Credit: Credit Limit: Type of Loan: PAYS AS AGREED $3,984 $8,000 Credit Card

WFNNB/MAURICES

851796XXXX

01/2009

$0

12/2010

PAYS AS AGREED

$1,000

WFNNB/MAURICES PO Box 182789 Columbus, OH-432182789 Account Number: Account Owner: Type of Account: Date Closed: 851796XXXX Individual Account. Revolving Status: High Credit: Credit Limit: Type of Loan: PAYS AS AGREED $42 $1,000 Charge Account

___Inquiries
A request for your credit history is called an inquiry.Inquiries remain on your credit report for two years. There are two types of inquires those that may impact your credit rating and those that do not. Inquiries that do not impact your credit rating These inquires include requests from employers, companies making promotional offers and your own requests to check your credit. These inquiries are only viewable by you. Company Information PRM-AMERICAN EXPRESS PRM-AT&T WIRELESS AR-CAPITAL ONE Date of Inquiry 08/29/11, 08/01/11, 07/25/11, 06/08/11, 04/25/11, 03/29/11, 02/10/11, 01/18/11, 12/21/10, 11/16/10, 10/21/10 05/27/11 09/06/11

___Negative Accounts
Accounts that contain a negative account status. Accounts not paid as agreed generally remain on your credit file for 7 years from the date the account first became past due leading to the current not paid status. Late Payment History generally remains on your credit file for 7 years from the date of the late payment. You have 2 negative account(s) on file

Collections
A collection is an account that has been turned over to a collection agency by one of your creditors because they believe the account has not been paid as agreed. You have no Collections on file

___Public Records
Public record information includes bankruptcies, liens or judgments and comes from federal, state or county court records. You have no Public Records on file

___Personal Information
Name: Jane Doe Social Security Number: XXX-XX-1234 Age or Date of Birth: November 16, 1979

Address Information
Current/ Previous Current Street City,State Zip 1564 N 300 W LOGAN, UT 84341 Date Reported

Other Identification
You have no other identification on file.

Employment History
You have no Employment History on file.

__________________________________ Check Yourself:

Now you can check your answers: 2. Mortgage Accounts 2. Installment Accounts 2. Revolving Accounts 5. Inquiries 3. Negative Accounts 4. Public Records 1. Personal Information

How did you do?

Being able to identify these sections is an important first step in analyzing your credit report. If you incorrectly identified any of the sections, DONT WORRY! It will make even more sense after you complete the next section that covers the terminology used in the credit report.

TERMINOLOGY:
Credit reports are full of terms and wording that can be a little daunting at first glance. But now that weve identified the different sections, picking out the terms and learning their definitions wont be too difficult. Some of the first few terms that you have already encountered while you were identifying the main sections in a credit report earlier were types of accounts. Lets look at these definitions: __________________________________ Mortgage A loan designed to facilitate the purchase of a home, in which the home itself serves as security for the loan. Installment Account A credit account in which the amount of the payment and the number of payments are predetermined or fixed. Common examples of installment accounts are car loans and student loans. Revolving Account An account that requires at least a specified minimum payment each month plus a service charge on the balance. Revolving accounts would be credit cards. __________________________________ Every account that you will have listed on your credit report will be one of these three types. This is good to know because if you ever see an error or unfamiliar account youll want to identify what kind of account youre dealing with. Under each of these types of accounts, youll see the following information presented in the details for the account:

Company Name - identifies the company that is reporting the information. Account Number - lists your account number with the company. Whose Account - Indicates who is responsible for the account and the type of participation you have with the account. Abbreviations may vary depending on the reporting agency but here are some of the most common:
o o o o

I - Individual U - Undesignated J - Joint A - Authorized User

o o o

T - Terminated C - Co-maker/Co-signer S Shared

Date Opened - This is the month and year you opened the account with the credit grantor. Months Reviewed - Lists the number of months the account history has been reported. Last Activity - Indicates the date of the last activity on the account. This may be the date of your last payment or last charge. High Credit - Represents the highest amount charged or the credit limit. If the account is an installment loan, the original loan amount will be listed. Terms - For installment loans, the number of installments may be listed or the amount of the monthly payments. For revolving accounts, this column is often left blank. Balance - Indicates the amount owed on the account at the time it was reported. Past Due - This column lists any amount past due at the time the information was reported. Status - A combination of letters and numbers are used to indicate the type of account of the timeliness of payment. Abbreviations for the status of account are as follows: o O - Open o R - Revolving o I - Installment o Abbreviations for Timeliness of Payment varies among agencies. Numbers are used to represent how current you are in your payments. Current or paid as agreed is usually represented by 0 or 1. Larger numbers (up to 9) indicate that an account is past due. Date Reported - Indicates the last time information on this account was updated by your creditor. __________________________________ Some other terms youll need to be familiar with are involved with inquiries. One of the sections you identified at the beginning of this instruction was the inquiry instruction. Within this section, youll have two areas: Hard Inquiry An indication on a credit file that a lender has obtained a copy of the report in order to evaluate the consumer's loan or credit application. An excess of hard inquiries within a six-month period may lower a consumer's credit rating.

Soft Inquiry (Also known as a promotional inquiry) An instance in which a credit report is accessed without affecting a consumer's credit rating. Soft inquiries include a consumer's request for his/her credit report; promotional inquiries by credit card companies; and account review inquires by a consumer's existing creditors. __________________________________ When looking at your credit report, you may have a long list of inquiries. Dont worry! There are a lot of credit card companies and creditors who perform soft inquiries on your report but remember that those inquiries wont affect your overall credit rating. When you get those pesky credit card offers in the mail all the time, those companies have performed a soft inquiry on your credit already to see if they want to offer you credit. What you need to look for are the hard inquiries. These would be made only at your request. For example: when applying for a loan or renting an apartment. Make sure that anything listed under hard inquires are things that you instigated. There would be a bank or agency listed that would look familiar to you. __________________________________ Provided in this packet is a large list of words and terms commonly found in a credit report that you can use as a reference in the future when you get stuck on certain terms. Take a look at these last few words that may or may not be familiar before we test your knowledge. Active Account An account for which activity has been reported to a credit reporting company in the last 90 days. Closed Account An inactive credit account; an account that can no longer be used for credit. An account may be closed by the consumer or closed by the credit grantor. Credit Limit The highest amount that a credit grantor allows to be charged on the account. Credit Score A numerical score compiled based upon variables in a consumer's credit file that is indicative of the consumer's creditworthiness. It shows an estimation of the likelihood a consumer will meet debt obligations. A creditor obtains information from a credit reporting company and applies a credit score model to calculate a consumer's credit score. Creditworthiness The ability of a consumer to receive favorable consideration and approval for the use of credit from an establishment to which they applied. Secured Loan A loan for which an item of property has been pledged in case of default. A mortgage is an example of a secured loan.

PRACTICE ACTIVITY:
1. From the following list of words and definitions, match them together by putting the letter for the definition next to the correct word. Credit Limit Hard Inquiry High Credit Active Account Installment Account _____ _____ _____ _____ _____ Mortgage Secured Loan Soft Inquiry _____ _____ _____

Revolving Account _____ Creditworthiness _____

A. Represents the highest amount charged or the credit limit. If the account is an installment loan, the original loan amount will be listed. B. A loan for which an item of property has been pledged in case of default. A mortgage is an example of a secured loan. C. An account for which activity has been reported to a credit reporting company in the last 90 days. D. A loan designed to facilitate the purchase of a home, in which the home itself serves as security for the loan. E. An instance in which a credit report is accessed without affecting a consumer's credit rating. These inquiries include a consumer's request for his/her credit report; promotional inquiries by credit card companies; and account review inquires by a consumer's existing creditors. F. A credit account in which the amount of the payment and the number of payments are predetermined or fixed. G. An account that requires at least a specified minimum payment each month plus a service charge on the balance. H. The highest amount that a credit grantor allows to be charged on the account. I. The ability of a consumer to receive favorable consideration and approval for the use of credit from an establishment to which they applied. J. An indication on a credit file that a lender has obtained a copy of the report in order to evaluate the consumer's loan or credit application. An excess of these inquiries within a sixmonth period may lower a consumer's credit rating.

2. In your own words, describe what an installment account is. ________________________________________________________________________________ ________________________________________________________________________________ ________________________________________________________________________________ ________________________________________________________________________________ ________________________________________________________________________________

3. A credit card would be considered what type of account? a. revolving b. installment c. mortgage

4. A credit card company requests access to your credit report in order to pre-approve you for a credit card offer that will be sent to you in the mail. Is this an example of a soft inquiry or a hard inquiry? a. Soft b. Hard

__________________________________ Check Yourself:

Now you can check your answers.

Credit Limit Hard Inquiry High Credit Active Account Installment Account Late Payment Secured Loan Soft Inquiry Revolving Account Creditworthiness

__H__ __J___ __A__ __C___ __F___ __D___ __B___ __E___ __G___ __I___

2.

3. A. Since a credit card doesnt have a fixed payment amount each period (payment amounts vary depending on the amount charged to the card), it is a revolving account.

4. A. This type of request was not initiated by the consumer; it was done by an outside company for a pre-approval. This would not affect your credit in any way and is considered a soft inquiry.

Even though you understand these terms, a credit report might still be a little confusing at first glance. However, once youve identified the different sections and know what all of the different terms mean, reading a credit report is a lot simpler. Something to remember: the three credit reporting bureaus may use slightly different terms and organization in their reports. However, most of it is the same and once youve become familiar with what youre looking for, the slightly different terms wont throw you off. Take a look at some real examples from a credit report and see where these terms are actually used.

EXAMPLE 1:

1. When you see the example above on your credit report, you know that it is a soft / hard inquiry. (circle one)

2. This list may be much longer. Do you need to be worried about these inquiries bringing down your creditworthiness? Yes / No

__________________________________ Check Yourself:

1. Soft. 2. No

Inquiries that dont affect your credit rating are soft inquiries. A hard inquiry would be something like an loan approval check from a bank for an auto loan or mortgage. It would usually be something you, as the consumer, instigate.

EXAMPLE 2:

1. What type of account is this? a. Revolving b. Mortgage c. Installment 2. In your own words, describe how you know what type of account this is. _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ 3. Would this be considered secured or unsecured debt? ____________________ 4. Is this account active or closed? ________________

__________________________________ Check Yourself:

1. Installment

3. Secured

4. Closed

PART 2:

INTERPRET

CHECKING INFORMATION ON YOUR CREDIT REPORT:

Its a good feeling to be able to look at your credit report and understand the financial terms that are splattered across the pages. However, you may be wondering at this point of the instruction, Why is it so important, then, that I request a copy of my credit report? Heres the rhyme and reason: to look for inaccuracies. Mistakes are not entirely uncommon on credit reports. Sometimes theyre caused by simple human error, other times they occur when credit files of people with similar names are inadvertently mixed. Unfamiliar or inaccurate information can also be an indicator of identity fraud when someone uses your name and accounts without your knowledge. Look closely at the following areas to catch mistakes or fraud:

Personal information. Are the names and addresses listed on your report accurate? Often, an incorrect address or unfamiliar suffix, such as Jr. or Sr., can be an indication that your file may have been mixed with that of another person. Additionally, a recent address change may indicate that someone is fraudulently opening accounts in your name, but routing the bills to their address. Accounts. You will notice basic information such as your credit limit, current balance and date the account was opened. Also check out the detailed payment information by month for incorrect late payments or charge-offs. Remember to check for unfamiliar accounts or activity on accounts that you thought were closed. Someone besides you could be using the account. Public records. If any bankruptcies, judgments or liens are listed in this section, make sure they are accurate and complete. Remember, some bankruptcies can stay on your report for up to 10 years while others cycle off after seven years. Inquiries. This section shows you who has received information from your credit report and who was given your name during the recent past, as allowed by law. Often credit grantors will "pre-screen" your credit file in order to offer you special rates. Inquiries are also recorded when you apply for new credit or authorize an employer or insurance company to check your credit history.

What if everything looks okay? If everything looks accurate, then you can breathe easy. Just remember to regularly monitor your credit to make sure everything stays accurate.

What if I find something wrong? If you find a mistake you can dispute the information free of charge. Contact the credit bureau that provided the information and dispute the inaccurate information. You can also contact the creditor and ask them to provide new, accurate information to the credit bureau. Note: If you suspect fraud, contact the credit bureaus immediately and place a fraud alert on your report. Then contact your credit card companies and bank to protect your accounts.

PRACTICE ACTIVITY:
Here are a few examples to practice checking for inaccuracies.

Example 1: Lets say you only have 2 credit accounts: a house loan and a credit card. Take a look at this account summary and identify a possible red flag.

What is the red flag and what is a possible action you can take to figure out the situation? ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________

__________________________________ Check Yourself:

A house loan is a mortgage account. A credit card is an example of a revolving account. Your credit summary shows these two accounts, but also includes an unrecognizable installment account of $4,250. Where did that come from?! This is slightly worrisome. If you verify that you never opened this account (for example, if the installment account section of your report lists a creditor that you really do not recognize), you should dispute the information and contact the credit bureau immediately. Its possible that someone else opened that account under your name. (FRAUD!)

Example 2: While analyzing this account on your credit report, you are surprised to see a 60-day late advisory from June 2009.

You decide to compare this with your account statement from this same month and year.

Is there a discrepancy? (Circle One) Yes or No

__________________________________ Check Yourself:

Yes, there is a discrepancy between your account information and your credit report. Your account statement shows that you paid off your entire balance in May. No 60-day advisory should have existed for June. Late payments can affect your credit score, so you should take some action to deal with this mistake.

What would be the best action to take? a. Max out all your credit cards in a shopping frenzy because all hope is lost. b. Call up your bank and tell them firmly that you want accurate reporting. c. Contact the credit bureau and dispute the information free of charge.

__________________________________ Check Yourself:

Hope is not lost! So even though maxing out your credit cards could be pretty fun (in the short term), its not a very good idea. Its also likely that your bank did not make any mistakes in the record keeping of your accounts. The best answer is c. You can dispute any mistakes free of charge by contacting the credit bureau. Contact information for the bureau is located usually at the very end of the credit report.

PART 4:

IMPLEMENT

PROPER MAINTENANCE OF CREDIT REPORT:

Now that weve covered everything about identifying and interpreting a credit report. Lets look at why its important to have good credit and how we can improve our credit if its not as good we want it to be. First off: Why is it important to have good credit? Good credit can help you: Buy a home or finance a car Get a job or qualify for insurance Set up utility accounts Borrow money Buy big ticket items Obtain a credit card How do you improve your credit? Although creditors regularly report information to the credit reporting agencies, there is no quick fix for a low credit score. Your score will improve gradually if you pay your creditors on time and improve the way you handle credit. As they age, reported credit problems affect your score less and less - so your score may improve over time. Make good credit a top priority. Use credit responsibly. Pay your bills on time. Only borrow amounts you can comfortably repay. Make up any past-due payments and stay current. How do you get your credit report? Under federal law, every year you can get a free copy of your credit report from each of the three biggest companies that provide credit reports. You can order your report by phone at 877-3228228 or online at www.annualcreditreport.com.

PRACTICE ACTIVITY:
Write down three actions that you will take in the next month as a result of this instruction. Hopefully they are the three most important things that you will do in order to be responsible about maintaining your credit report. These might include a specific action that will help one of your credit accounts or a commitment to request your three credit reports.

1.__________________________________________________

2.__________________________________________________

3.__________________________________________________

CREDIT REPORT CHECKLIST:

Remember, its important to keep track of your credit. You can pull your credit report three times a year (once from each credit bureau). Its best to space these out every four months and make it a habit to regularly look over your credit report. When you pull your report, remember this instruction and the steps weve gone over. Below is a checklist that you can use to help guide you through your report: ____Identify the major sections of the report so youre familiar with how the contents are laid out and what information has been included in your report. ____Look for familiar words and remember to use the list of terms included in this packet to look up any words or terms that arent familiar to you. ____Compare and contrast personal information with the personal information section on a credit report to identify any errors. ____Compare and contrast account statement information with the account information section on a credit report to identify any errors. ____Determine what areas of your credit history are positive and negative. ____Determine what changes can be made to improve the quality of your overall credit and apply them in your life. This checklist is a summary of the instruction that you have nearly completed. Each step corresponds with a section from the instruction. You will be able to reference back to the instruction when you analyze your own credit report using this checklist.

Practice completing this checklist using the attached sample credit report. You have already seen quite a bit of information from this credit report and have even completed parts of the checklist using information from it. Now you get to put it all together to analyze your credit report.

And if you think analyzing the sample credit report is exciting, just wait until you get to analyze your very own!

Congratulations on having just participated in several activities that will help you effectively analyze your credit report. Remember that you get to keep this instructional packet. Reference it whenever you need to. Hopefully by now you are feeling the confidence that comes from keeping an I on your credit report!

POST-TEST (to be completed at the end of the instruction without the use of reference material)
1. Why is it important to analyze your credit report? ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________

2. How frequently can you request your credit report? a. as many times as you would like b. three times a year from each of the major credit bureaus c. once a year from each of the major credit bureaus d. four times a year

3. A section of a credit report contains the following information: Company Information PRM-AMERICAN EXPRESS PRM-AT&T WIRELESS AR-CAPITAL ONE Date 08/29/11, 08/01/11, 07/25/11, 06/08/11, 04/25/11, 03/29/11, 02/10/11, 01/18/11, 12/21/10, 11/16/10, 10/21/10 05/27/11 09/06/11

This is most likely an excerpt from which section of the credit report? a. personal information b. soft inquiries c. revolving accounts d. public records

4. While analyzing your credit report, you notice an account you do not recognize. It shows many late payments and you are sure you did not open this account. What should you do? (circle one) a. tear up your credit report and move to another country b. nothing- credit reports many times contain inaccuracies that are harmless c. contact the credit bureau and put a fraud alert on your report d. open a new account under the same organization

5. What is one of the benefits of having good credit? a. It can increase your chances of winning the lottery. b. It can help you get a better interest rate on a car loan. c. It can increase your chances of getting a job. d. It can offer you the opportunity to purchase airline tickets at a lower cost. e. A and B f. B and C g. C and D

6. Here is the personal information section of a credit report: Personal Information Name: Jane Doe Social Security Number: XXX-XX-1234 Age or Date of Birth: November 16, 1979 Address Information Current/ Previous Street City,State Zip Date Reported

Current

1564 N. 300 W. Logan, Utah 84341

Circle the bullet that contains information that does not match with the information on the credit report: I am Jane Doe. My social security number is XXX-XX-1234. My birth date is November 16, 1979. I live on 1644 North 300 West in Logan, Utah (84341).

7. What is the definition of a hard inquiry? a. An indication on a credit file that a lender has obtained a copy of the report in order to evaluate the consumer's loan or credit application. An excess of these inquiries within a six-month period may lower a consumer's credit rating. b. A loan for which an item of property has been pledged in case of default c. The ability of a consumer to receive favorable consideration and approval for the use of credit from an establishment to which they applied d. An account for which activity has been reported to a credit reporting company in the last 90 days

8. You set up a loan to purchase a home entertainment system. You are required to pay a minimum of $180 each month for 13 months. This is an example of what type of account: a. revolving account b. home purchase account c. public record account d. installment account 9. What are the 3 Is that will assist you in keeping an I on your credit report? a. Interest, Investigation, Independence b. Identify, Interpret, Implement c. Interrupt, Illegalize, Intercept

10. What is the most valuable thing you learned from this instruction? ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________