1. How often can I obtain a copy of my credit report?

1. As often as I want
2. Once every 12 months
3. Never
4. Quarterly

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a. You can only receive a FREE credit report if you are denied for credit or once every 12 months under the FACT Act. However, you are allowed to purchase a consumer credit report from any of the consumer credit bureaus whenever you wish.

2. True or False: If I check my credit report too often, it will lower my credit score.

1. True
2. False

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b. False: Checking your own credit report does not have an impact on your score.

3. Which of the following is a type of loan?

1. HELOC
2. Credit card
3. Checking account overdraft
4. All of the above

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d. All of these are types of loans. Check out Creditology for definitions of these and other important credit terms.

4. Which of the following might be affected negatively by a low credit score?

1. My chances of getting approved for a credit card
2. My chances of getting approved for a mortgage
3. My chances of getting an apartment
4. All of the above

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d. Not only do credit card and mortgage companies check your credit bureau when making a lending decision, landlords may also check your report and charge you a higher security deposit or deny you the apartment altogether.

5. If your card is stolen, what is the maximum liability for the unauthorized charges?

1. $500
2. $50
3. Whatever is charged on the card after it is stolen
4. $1,000

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b. For unauthorized charges made before you notify your credit card company you are only liable for $50. Most companies don’t even make you pay that!

6. Which of the following might a lender consider when deciding whether or not to approve your application?

1. Your income
2. How many credit cards you have
3. Whether or not you have a mortgage
4. What kind of car you drive

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a, b, and c. All of these may be considered in making a lending decision.

7. True or False: A bill collector may call my place of employment in order to collect a debt on which I am delinquent.

1. True
2. False

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a. True: The Fair Debt Collection Practices Act allows a bill collector to contact a debtor at work unless the collector knows or has reason to know that the debtor’s employer prohibits such calls.

8. True or False: All credit card companies can only raise the interest rate on my account if I miss a payment with them.

1. True
2. False

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b. False: Depending on the Terms and Conditions of your account, they may be able to raise your rate at any time.