The Ultimate Credit Reporting Agency Quiz
by Staff
Credit reporting agencies help creditors minimize the risks they take every day when loaning money to consumers. As a consumer, you can also benefit from the services offered by such agencies. They can help you manage your financial affairs wisely, as well as help you guard against identity theft. Take our quiz and find out how you can be a smarter credit consumer.

If you have a bad credit history, a lender may:

  • deny you a loan
  • charge you a higher interest rate
  • both of the above

The credit reporting agency, Experian, claims to maintain credit information on _____ American consumers.

  • 115 million
  • 215 million
  • 315 million

Which services do the Big Three credit reporting agencies perform?

  • collecting credit information
  • reporting credit information
  • both of the above

How do credit reporting agencies get their consumer credit information?

  • They buy it.
  • They steal it.
  • Creditors send information to them.

A request for credit information from a credit reporting agency is known as:

  • an inquiry
  • an application
  • a demand

The different types of credit requests are called _____inquiries.

  • soft
  • hard
  • both of the above

Under the United States Fair Credit Reporting Act, how long does it take to have credit reporting errors removed?

  • 30 days
  • 60 days
  • 120 days

Which 2003 United States law established the consumer's right to a free copy of their credit report once a year?

  • the Unfair and Accurate Credit Transactions Act of 2003
  • the Fair and Inaccurate Credit Transactions Act of 2003
  • the Fair and Accurate Credit Transactions Act of 2003

Which of the following are common credit report errors?

  • Information is reported twice.
  • Your report contains data on someone else with the same name.
  • both of the above

What is the best way to guard against identity theft?

  • Change your name frequently.
  • Check your credit report frequently.
  • Move frequently.