Title: QUIZ: Credit Bureaus: The Record Keepers -- Page One Economics®
Course: Kelly's Copying and Exporting Course > Section: Credit Bureaus: The Record Keepers -- Page One Economics®

Q: A consumer’s credit report does not include the consumer’s
- birth date or Social Security number.
- race, age, or gender.
- past or current addresses.
- creditors or the amounts owed to them.
A: race, age, or gender.

Q: Credit bureaus first emerged in the United States in the late 1800s
- to help lenders lessen the risk of extending credit to consumers who did not pay their bills.
- because of consumers who could not get loans.
- as a for-profit company.
- as a government agency.
A: to help lenders lessen the risk of extending credit to consumers who did not pay their bills.

Q: Credit bureaus
- began in the 1920s when computers made data collection and sharing faster and easier.
- must have written permission from consumers to collect and share their credit information.
- make a profit by selling information to lenders and by selling products directly to consumers.
- issue credit reports because the Consumer Financial Protection Bureau requires them to do so.
A: make a profit by selling information to lenders and by selling products directly to consumers.

Q: Negative information included in credit reports
- is reported for twenty years.
- can be removed after 7 years.
- is removed if one sues successfully.
- is recorded for life.
A: can be removed after 7 years.

Q: Most of the information collected by the Big Three credit bureaus comes from
- mortgage lenders and auto lenders.
- auto lenders and retail credit cards.
- general credit cards and other sources.
- mortgage lenders and retail credit cards.
A: general credit cards and other sources.

Q: Credit scores are
- calculated each month when lenders provide new information.
- designed to indicate the risk that a person will repay a loan or credit obligation on time.
- always the same with each of the Big Three credit bureaus.
- based on income of a consumer.
A: designed to indicate the risk that a person will repay a loan or credit obligation on time.

Q: FICO scores indicate the financial responsibility and behavior of consumers. It is important for lenders to review a consumer’s FICO credit score because
- consumers with higher credit scores are more likely to miss payments.
- consumers with lower credit scores are more likely to not pay on time and possibly make no payments at all.
- it is less risky to give credit to consumers who manage to keep a low credit score.
- higher credit scores usually result in lower risk to the borrower.
A: consumers with lower credit scores are more likely to not pay on time and possibly make no payments at all.

Q: Which statement is incorrect?
- Credit bureaus are supervised by the Consumer Financial Protection Bureau.
- Credit bureaus always charge a fee to issue a credit report.
- Credit bureaus have the ability to use computers and the internet to collect and share credit reports.
- Since 1971, there have been laws to regulate credit bureaus.
A: Credit bureaus always charge a fee to issue a credit report.

Q: Credit bureaus
- keep records indefinitely and sell credit reports to lenders.
- can be beneficial to consumers who are financially responsible and need credit to make large purchases.
- are businesses that have non-profit status because they provide a service.
- sometimes work dependently and share information with each other.
A: can be beneficial to consumers who are financially responsible and need credit to make large purchases.

Q: Lenders provide information to
- credit bureaus because it is in their best interest to have complete and accurate records.
- credit bureaus because they are required to do so by the government.
- all three of the major credit bureaus on the same day once a week.
- the www.annualcreditreport.com website once a month.
A: credit bureaus because it is in their best interest to have complete and accurate records.