Quiz: Do you Know how to get your Credit Report?

Staff

4 Min Quiz

The three major credit bureaus are Experian, TransUnion and ________.

The major credit bureaus are Experian, TransUnion and Equifax.

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What is a hard inquiry of your credit report?

A hard inquiry takes place when a company that has business with you inquires about your credit. Hard inquiries may occur when you apply for a new credit card or even do something as minor as order cable services.

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Why should you limit the number of hard inquiries?

One hard inquiry will deduct about five points from your total credit score. If you are shopping for debt with several institutions, don't be concerned, as all the inquiries made around the same time period will count together as one inquiry. Try to do your loan shopping within about two weeks, so you won't have points deducted for multiple hard inquiries.

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Will soft inquiries change your credit score?

Soft inquiries do not change your credit score.

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Before sending you an unsolicited pre-approved credit card application, do companies check your credit?

Companies may perform a soft inquiry before sending you an application.

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If you have been approved for a loan, what else does your credit score influence?

Your credit score helps to determine the interest rate you will be charged.

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How often should you check your credit?

You should check your credit report at least once a year.

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When you check you own report, what type of inquiry is this?

Getting your own credit report is considered a soft inquiry.

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How much do you have to pay to do an annual check of your credit report?

The Fair and Accurate Credit Transactions (FACT) Act allows you to see your credit report from each major credit bureau annually for no charge.

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How do you get a copy of your credit report?

The three major credit bureaus set up the Web site AnnualCreditReport.com specifically for consumers to get their free credit reports. You can also call or write to each credit bureau individually. Beware of other Web sites that offer credit reports though; the only truly free site is AnnualCreditReport.com.

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How much does it cost to check your credit report after the annual free report?

Subsequent credit reports cost about $15 each. This may be a small price to pay to protect your credit score.

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What are the range of actual credit score numbers?

Credit scores range from 300 to 850. The higher your credit score, the better your credit.

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What is another name for the FICO number?

FICO comes from Fair Isaac Corporation and is another name for the credit score.

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What does a high credit score indicate to financial institutions?

The higher the score, the greater the likelihood that you will pay back your loans in full and on time.

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What should you do if there is incorrect information in your credit report?

You should dispute any incorrect information. Credit bureaus have 30 days to verify or remove the information.

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What is a credit reporting agency?

A credit bureau and credit reporting agency are the same thing.

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What credit information is in the public record?

Bankruptcies, liens and judgments are all in the public record.

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Why shouldn't you apply for every credit card that has a good offer?

You don't want to overextend your credit, and too many hard inquiries will impact your credit score.

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Potential employers may pull which type of credit report?

Potential employers may pull a soft inquiry report to check your financial behavior.

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How can you find out who has requested hard inquiries?

This information is available in your credit report. Make sure all requests are from companies you know.

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About This Quiz

For many people, pulling their credit report is be like pulling teeth. For no charge and no penalty to your credit score, you are entitled to a copy of your credit report every year. Take our quiz to see if you know the ins and outs of pulling your credit report and your credit score.

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