Are You Credit Savvy?

1. It doesn't hurt my score to apply for credit, as long as I don't use it.

True
False

2. If I pay a charge off or collection, it will show "paid" on my credit report and will no longer be negative.

True
False

3. A bankruptcy can be reported on my credit report for

7 years from the date I filed.
10 years from the date I filed.
7 years from the date of my discharge.

4. Which three items CANNOT be included in a bankruptcy?

Student loans, charge-offs, child support arrearages.
Back taxes, alimony, collections over $5,000.
Child support, back taxes, student loans.

5. A credit reporting agency has how long to investigate a disputed item?

30 days
15 days
45 days

6. The three nationwide consumer credit reporting agencies are

Experian, TransUnion & Equifax
TRW, Experian, MyFico
FICO, TransUnion, Equifax

7. The national average consumer credit score is

500-520
700-720
670-690

8. I can repair my credit quicker if I send my bankruptcy papers or paid receipts to the credit reporting agencies.

True
False

9. I can do everything myself that a credit repair agency can do to clean up my credit.

True
False

10. It is illegal to dispute a negative, but accurate trade line on my credit report.

True
False