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The Ultimate 3-in-1-Credit Report Quiz
by Staff
Understanding how credit agencies determine your credit rating is essential for your financial health. It is also of utmost importance for you to regularly check your credit reports for errors or signs of identity theft. This is slightly easier to do with a 3-1 credit report, which compares credit reports from all three American credit agencies in one single document. Take this quiz and become credit report savvy.

What are credit reporting agencies?

  • They are private companies that collect information about your credit history.
  • They are government-run companies that collect information about your credit history.
  • They are bank-run companies that collect information about your credit history.

How frequent do credit reporting agencies make mistakes?

  • Mistakes are rarely made on credit reports.
  • One in 100 credit reports contain mistakes.
  • One in four credit reports contain mistakes.

What is the cause of mistakes on credit reports?

  • identity theft
  • innocent reporting mistakes
  • both of the above

How may Americans fell victim to identity theft in 2008?

  • 1 million Americans
  • 5 million Americans
  • 10 million Americans

What is your legal right concerning your credit under the American Fair and Accurate Transactions Act of 2003?

  • You are entitled to buy your credit report once every six months.
  • You are entitled to buy your credit report once every year.
  • You are entitled to a free credit report once every year.

What is a 3-in-1 credit report?

  • a credit report that includes reports from all three credit agencies
  • a credit report that includes your credit card rating, loan rating and mortgage rating
  • a credit report that includes your credit rating for the last three years

Who reports to credit agencies?

  • banks and credit card companies
  • collection agencies, state agencies and federal agencies
  • both of the above

Who is required by law to investigate an error on your credit report?

  • You are required to investigate the error.
  • The credit agency is required to investigate the error.
  • The state government is required to investigate the error.

How do you report a credit report error to a credit agency?

  • You must call their toll free number and speak with a representative.
  • You must write the credit agency a letter.
  • You can file an online dispute.

What are the different categories on a credit report?

  • personal file, credit history, public records, credit inquiries and dispute statements
  • demographic information, credit history and credit inquiries
  • credit history, credit requests and public records

Where can you buy a 3-in-1 credit report?

  • your state government office
  • any of the three credit report agencies
  • most banks

What type of information is kept in the credit history section of a credit report?

  • on-time payment history, outstanding balances and credit limits
  • late payment history, minimum balance payments and credit limits
  • late payment history, monthly purchases and credit limit

What is “negative information” on your credit report?

  • inquiries from collection agencies
  • public records
  • both of the above

How long does “negative information” stay on your credit record?

  • 7 years
  • 10 years
  • either of the above

What should you do if you find a consistent error from all three credit agencies on your 3-in-1 credit report?

  • You can call one phone number to rectify the error with all three agencies.
  • You need to call each individual agency to rectify the error.
  • Your attorney needs to call each individual agency to rectify the error.