| 1 |
Which of the following might use credit scores? |
| Options |
|
|
| Mortgage lender |
3% |
|
| Credit card issuer |
2% |
|
| Home insurer |
0% |
|
| Cell phone company |
0% |
|
| Electric utility |
0% |
|
| Landlord |
0% |
|
| All of the above |
93% |
|
|
| 2 |
On a $20,000, 60-month auto loan, about how much more would a borrower with a low credit score typically pay than a borrower with a good score? |
| Options |
|
|
| Under $1,000 |
4% |
|
| $1,000-$3,000 |
17% |
|
| $3,000-$5,000 |
28% |
|
| More than $5,000 |
43% |
|
| Don't know |
7% |
|
|
| 3 |
Which of the following does a credit score typically measure? |
| Options |
|
|
| Knowledge of consumer credit |
2% |
|
| Attitude toward consumer credit |
3% |
|
| Amount of consumer debt |
20% |
|
| Risk of not repaying a loan |
61% |
|
| Financial resources to pay back loans |
12% |
|
| Don't know |
2% |
|
|
| 4 |
Is a person’s age a factor used to calculate a credit score? |
| Options |
|
|
| Yes |
41% |
|
| No |
56% |
|
| Don't Know |
3% |
|
|
| 5 |
Are missed payments a factor used to calculate a credit score? |
| Options |
|
|
| Yes |
98% |
|
| No |
1% |
|
| Don't Know |
0% |
|
|
| 6 |
Is carrying a high balance on a credit card a factor used to calculate a credit score? |
| Options |
|
|
| Yes |
92% |
|
| No |
8% |
|
| Don't Know |
1% |
|
|
| 7 |
Is marital status a factor used to calculate a credit score? |
| Options |
|
|
| Yes |
27% |
|
| No |
71% |
|
| Don't Know |
2% |
|
|
| 8 |
Is ethnicity a factor used to calculate a credit score? |
| Options |
|
|
| Yes |
5% |
|
| No |
94% |
|
| Don't know |
1% |
|
|
| 9 |
Is personal bankruptcy a factor used to calculate a credit score? |
| Options |
|
|
| Yes |
97% |
|
| No |
2% |
|
| Don't know |
0% |
|
|
| 10 |
Which group of Americans is most likely to have a credit score? |
| Options |
|
|
| Those who have borrowed money |
45% |
|
| Those with a bank account |
3% |
|
| Those who’ve paid for any financial or utility service |
13% |
|
| All Americans at least 21 years old |
38% |
|
|
| 11 |
Who collects the information on which credit scores are most frequently based? |
| Options |
|
|
| FICO and VantageScore Solutions |
8% |
|
| Three main credit bureaus: Equifax, Experian, and TransUnion |
85% |
|
| Individual lenders |
3% |
|
| Federal government |
2% |
|
| Don't know |
1% |
|
|
| 12 |
Who may make a credit score available to an individual consumer? |
| Options |
|
|
| Three main credit bureaus - Equifax, Experian and TransUnion |
37% |
|
| Independent websites |
1% |
|
| Many individual lenders |
2% |
|
| All of the above |
60% |
|
| Don't know |
1% |
|
|
| 13 |
Does each consumer have just ONE generic credit score? |
| Options |
|
|
| Yes |
12% |
|
| No |
86% |
|
| Don't Know |
2% |
|
|
| 14 |
What is a good generic credit score? |
| Options |
|
|
| 600 |
4% |
|
| 700 |
33% |
|
| 800 |
22% |
|
| 900 |
5% |
|
| It depends on the scoring system |
36% |
|
| Don't know |
1% |
|
|
| 15 |
Are generic credit scores free? |
| Options |
|
|
| Always |
12% |
|
| Sometimes |
71% |
|
| Never |
11% |
|
| Don't know |
7% |
|
|
| 16 |
When are lenders who use generic credit scores required to inform borrowers of the credit score used in the lending decision? |
| Options |
|
|
| After a consumer applies for a mortgage |
2% |
|
| On all credit card, auto and other consumer loans when a consumer doesn't receive the best terms and/or lowest interest rate available |
5% |
|
| Whenever a consumer is turned down for a loan |
20% |
|
| All of these |
62% |
|
| None of these |
8% |
|
| Don't know |
3% |
|
|
| 17 |
Which of the following actions helps a consumer raise a low score or maintain a high one? |
| Options |
|
|
| Make all loan payments on time |
5% |
|
| Use a credit card keeping the balance under 25% of the credit limit |
1% |
|
| Avoid opening several new credit card accounts at the same time |
1% |
|
| All of the above |
92% |
|
| Don't Know |
1% |
|
|
| 18 |
When will multiple inquiries about getting a mortgage or auto loan or loans from lenders lower one’s FICO or VantageScore credit score? |
| Options |
|
|
| Each time one makes an inquiry |
37% |
|
| Only when one makes at least five inquiries |
20% |
|
| Never during a 1-2 week window |
30% |
|
| Never |
13% |
|
|
| 19 |
How would co-signing a student loan affect one's credit score? |
| Options |
|
|
| At first, the co-signer's credit score is likely to decline slightly because their credit score is pulled and an inquiry reported. |
20% |
|
| The co-signer's credit score is likely to improve if the student makes all payments on-time. |
1% |
|
| The co-signer's credit score is likely to decline if the student makes one late loan payment. |
4% |
|
| All of the above |
65% |
|
| None of the above |
10% |
|
|
| 20 |
How important is it to check the accuracy of your credit reports at the three main credit bureaus? |
| Options |
|
|
| Very important |
95% |
|
| Somewhat important |
4% |
|
| Not very important |
1% |
|
| Don't know |
1% |
|
|
| 21 |
How often are credit repair companies helpful in correcting any credit report errors and taking other measures to improve one’s credit score? |
| Options |
|
|
| Always |
16% |
|
| Usually |
19% |
|
| Occasionally |
43% |
|
| Never |
17% |
|
| Don't know |
6% |
|
|
