Podcast
Questions and Answers
What is the main factor that makes up 35% of the credit score?
What is the main factor that makes up 35% of the credit score?
- Credit payment history (correct)
- New credit
- Credit utilization
- Credit mix
What is the purpose of the Equal Credit Opportunity Act (ECOA)?
What is the purpose of the Equal Credit Opportunity Act (ECOA)?
- To offer credit insurance to individuals relying on credit
- To maintain a complete history of credit transactions
- To ensure fair access to credit and prohibit discriminatory practices (correct)
- To calculate credit scores for individuals applying for credit
What is the purpose of credit insurance?
What is the purpose of credit insurance?
- To prevent unauthorized inquiries by credit card companies
- To calculate credit scores for individuals applying for credit
- To offer financial security in case of identity theft
- To ensure that all credit payments will continue to be made in unforeseen circumstances (correct)
What is the range of Vantage Score, created as an alternative to the FICO scoring system?
What is the range of Vantage Score, created as an alternative to the FICO scoring system?
What should an individual do if they find inaccurate information in their credit report?
What should an individual do if they find inaccurate information in their credit report?
What type of credit is provided for a short period, such as retail store credit?
What type of credit is provided for a short period, such as retail store credit?
Which type of credit is provided for specific purchases, with interest charged on the amount borrowed?
Which type of credit is provided for specific purchases, with interest charged on the amount borrowed?
What is the primary advantage of using credit for making large purchases?
What is the primary advantage of using credit for making large purchases?
What is one of the disadvantages of using credit according to the text?
What is one of the disadvantages of using credit according to the text?
Which type of credit allows individuals to make purchases instantly without carrying cash or writing checks?
Which type of credit allows individuals to make purchases instantly without carrying cash or writing checks?
What type of credit is provided up to a specified maximum amount based on income and credit history?
What type of credit is provided up to a specified maximum amount based on income and credit history?
What is one of the primary advantages of using credit?
What is one of the primary advantages of using credit?
What does non-installment credit refer to?
What does non-installment credit refer to?
What is the main disadvantage of using credit according to the text?
What is the main disadvantage of using credit according to the text?
Which type of credit is provided for specific purchases, with interest charged on the amount borrowed?
Which type of credit is provided for specific purchases, with interest charged on the amount borrowed?
What is the primary purpose of credit insurance?
What is the primary purpose of credit insurance?
What does the Equal Credit Opportunity Act (ECOA) primarily aim to ensure?
What does the Equal Credit Opportunity Act (ECOA) primarily aim to ensure?
What factor makes up the largest portion (35%) of the credit score?
What factor makes up the largest portion (35%) of the credit score?
What is the main function of credit bureaus mentioned in the text?
What is the main function of credit bureaus mentioned in the text?
What does Vantage Score measure?
What does Vantage Score measure?
