The Ultimate Free Credit Report Quiz

Staff

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About This Quiz

Even if you pay your bills on time, your credit score could suffer due to mistakes on your credit report. Keeping your report accurate can make the difference between getting the car or house you've always wanted, or having your loan application denied. Do you know how to get a free copy of your credit report? Take our quiz and find out how.

What percentage of Americans know what a credit score represents?

A poll conducted by the Chicago Sun Times found that just under 30 percent of Americans understand what a credit score is.

Why is your credit score important?

Your credit score will determine whether you can get a loan. It can also effect whether you get certain jobs.

How many major companies are there that report credit histories?

There are three major companies that report credit histories: Equifax, Experian, and TransUnion.

A credit score is called a FICO score. What does FICO stand for?

The company that developed the FICO scoring model is called the Fair Isaac Corporation.

What are the ranges of a FICO score?

The bottom of the credit ladder, according to FICO, is 300, while the top is 850. A score above 750 is considered strong enough to get most loans.

In which year did Equifax first issue its all-purpose credit score?

Though credit records have been around in some form for a long time, the FICO system became a global standard when Equifax released its reports in 1989.

Approximately how many credit reports are produced each year by the three credit companies?

As many as 4.5 billion credit facts are reported per month, which amounts to nearly 50 billion facts per year. These facts are the basis for over one billion annual credit reports.

How do potential lenders get a copy of your credit report?

Credit reports are sold by the three major companies to lenders for a total revenue of more than $4 billion per year.

What is the primary way to improve your credit score?

Credit scores are weighted such that 35 percent of the score is based on your payment history. As you continue to pay your bills on time, your score improves.

The federal government grants you access to how many copies of your credit score per year?

You have a legal right to one copy per year from each of the three credit reporting companies.

What are the credit companies legally required to do in cases of suspected credit fraud?

Federal law requires that the credit rating companies report cases of suspected fraud to the consumer.

What is the only place to get a completely free copy of your credit report?

Though many places claim to offer free credit reports, only the Annual Credit Report Request Service (ACRRS) offers truly free reports.

What percentage of Americans are likely to check their credit reports in a given year?

Even though the information is available and free, a Gallup poll found that only 28 percent of Americans are likely to check their credit scores.

The Federal Trade Commissions suggests avoiding identity theft by which of these methods?

Giving out your social security number and other personal information makes you susceptible to identity theft. If you want a copy of your credit report, you should get it from the ACRRS.

When you receive emails, pop-ups, and other online offers for a credit report what should you do?

Responding in any manner to these offers puts you and your computer at risk. Avoid scams and viruses by ignoring these offers.

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