1. How often is a consumer allowed to receive a free copy of his or her credit report from a consumer credit bureau?

1. Only when declined for credit
2. Once every 12 months
3. Quarterly
4. Only during leap years

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b. Under the FACT Act, Americans have the right to receive a copy of their credit report once every 12 months from EACH of the three consumer credit bureaus.

2. True or False: An employer can obtain a copy of my consumer credit bureau without my permission.

1. True
2. False

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b. False: Although employers may obtain credit bureau reports, the Fair Credit Reporting Act requires that they receive prior written consent from an applicant or employee.

3. Which of the following is a good reason to get a small business card for my business?

1. To establish a credit history for my business
2. To help me to control employee spending
3. To separate business and personal expenses for tax purposes
4. All of the above

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d. All of these are great reasons to get a card for your business.

4. True or False: A low credit score may cost me money.

1. True
2. False

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a. True: Credit card issuers, auto lenders and mortgage companies all consider credit scores when setting the interest rates they charge.

5. Which of the following will not affect your credit score?

1. Total credit card balances divided by total credit card lines
2. Age of your oldest loan
3. Filing bankruptcy
4. The type of stores at which I use my credit cards

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d. Where you shop has nothing to do with your credit score.

6. Not paying which of the following types of loans will affect your credit score?

1. Student loans
2. Auto loans
3. Credit cards
4. All of the above

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d. All of these and many other types of loans are reported to the credit bureaus and may effect your score.

7. True of False: If I pay off an account that is currently past due, next month my credit score will no longer reflect that the account had been delinquent.

1. True
2. False

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b. False: A delinquent account, even if paid off will continue to have an effect on your credit report for months to come.

8. True or False: If I receive a pre-approved credit card application, I cannot be turned down when I apply.

1. True
2. False

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b. False: Under the Fair Credit Reporting Act, the credit card company may still decline your application if there have been changes in your credit profile since they originally sent you the offer.