The Ascent Network - Credit Advisor Test - Module 1 & 2

What is Credit Repair?

The removal of all items from a credit report.

The correction of an individuals credit profile

The creation of a new credit profile for the client.

Which company is NOT one of the "Big 3" credit bureaus?

Trans Union

Equifax

Credco

Experian

True or False - Credit Reports and credit scores are used only for determining if a person will qualify for a loan?

True

False

According to Public Information Research Group, what is the percentage of credit reports that contain errors?

50%

60%

70%

90%

Does name misspelling, maiden names, incorrect - outdated addresses, have a negative impact on an individuals credit score?

Yes

Does an account that is reported as "closed by credit grantor" have a negative effect on ones credit score?

Yes

What is the largest contributor to making up a persons' credit score?

New Credit

Payment History

Amounts Owed

Type of Credit Reported

Are credit card accounts that have high balances have a negative impact on an individuals credit score?

Yes

What is a good way for a parent, grandparent, etc. To help a young person build his/her credit?

Co-sign for them on a loan or credit card

Deposit a large sum in a bank account in their name

Put the young person on title of Real Estate

Make the young person an "authorized User" on an existing credit card account.

Which type of credit obligation does NOT improve a persons credit score?

Mortgage

Installment Loans

Credit Cards

A personal loan from a private party

Does a credit card - credit line, increase/help an individuals credit score?

Yes

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