Test Your Credit Report Knowledge
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Questions and Answers

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?

  • 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?

  • 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?

    <p>U (D)</p> Signup and view all the answers

    What does the 'IN' marker indicate about an account?

    <p>The account is open but not currently being used (D)</p> Signup and view all the answers

    What does the 'NR' marker mean for a prospective lender?

    <p>An update has not been provided for that month (D)</p> Signup and view all the answers

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