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Questions and Answers
Which of the following is a benefit of understanding the markers on your Credit Report?
Which of the following is a benefit of understanding the markers on your Credit Report?
- You can ignore any errors on your Credit Report
- You can make late payments without any consequences
- You can see which accounts are helping or hindering your Credit Rating (correct)
- You can apply for credit without any issues
What do the markers on your Credit Report represent?
What do the markers on your Credit Report represent?
- The interest rate of your credit accounts
- The balance of your credit accounts
- The credit limit of your credit accounts
- The status of your credit accounts for each month (correct)
Why is it important to have an accurate Credit Report?
Why is it important to have an accurate Credit Report?
- Lenders will be more likely to approve your credit application if there are errors on your Credit Report
- Lenders will overlook any errors on your Credit Report
- Lenders will not consider your Credit Report when evaluating your credit application
- Lenders will see an accurate picture of your financial situation (correct)
Which of the following markers is used when an account is newly opened and the lender does not have any other activity to report on the account?
Which of the following markers is used when an account is newly opened and the lender does not have any other activity to report on the account?
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What does the 'IN' marker indicate about an account?
What does the 'IN' marker indicate about an account?
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What does the 'NR' marker mean for a prospective lender?
What does the 'NR' marker mean for a prospective lender?
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