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Credit Reports and Scores Worksheet

The document provides information about credit reports and scores including definitions of key terms like credit reports, lenders, and different types of credit. It also discusses factors that positively and negatively impact credit and how long different types of information remains on a credit report.

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8 views

Credit Reports and Scores Worksheet

The document provides information about credit reports and scores including definitions of key terms like credit reports, lenders, and different types of credit. It also discusses factors that positively and negatively impact credit and how long different types of information remains on a credit report.

Uploaded by

sferdaws06
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Page | 25

2.6.1.A1

Credit Reports and Scores


Total Points Earned
Name
24 Total Points Possible
Date
Percentage
Class

Directions: Match the following definitions with the correct terms by placing the appropriate letter on each blank
provided. (1 point each)

1. _______ A record of the borrower’s past loan and credit-related


transactions.
a. Tax Lien
2. _______ A loan of a certain amount of money that a borrower must
repay in a specified number of equal payments. b. Open-end Credit

c. Credit
3. _______ When goods, services, and/or money is received in
exchange for a promise to pay back a definite sum of money at a d. Closed-end Credit
future date.
e. Credit Report
4. _______ A person or organization who makes funds available to
f. Credit History
borrow.
g. Lender
5. _______ A legal claim by a government entity to take an individual’s
property or income when their taxes are not paid in full.

Directions: Place an N on the line if the statement will create negative credit; place a P on the line if the statement
will create positive credit. (1 point each)

6. _______ Maintaining a reasonable amount of unused credit.

7. _______ Routinely paying bills late.

8. _______ Numerous credit applications in a short period of time.

9. _______ Checking credit reports annually to search for mistakes.

10. _______ Having many of the same types of credit accounts.

© Take Charge Today – October 2020 – Credit Reports and Scores


The University of Arizona
Page | 26
2.6.1.A1

Directions: Circle the correct letter for each of the following questions. (1 point each)

11. Which of the following is NOT on a credit report?


a. Late medical payments
b. Repayment history
c. Buying habits
d. Public Records
0
12. A negative credit report may impact an individual’s ability to receive all of the following EXCEPT?
a. Insurance
b. Apartment
c. Loan
d. A traffic ticket
0
Directions: Choose from the answer bank to indicate how long each type of information remains on your credit
report. Answers may be used more than once. (1 point each)

b
13. _______ Inquiries ANSWER BANK
a. Never on a credit report
c Late or missed payments
14. _______ b. Two years
e c. Seven Years
15. _______ Open accounts considered to be in d. Ten years
“good standing” e. Always on a credit report

a Medical information
16. _______

17. _______ Closed accounts

Directions: Answer the following questions in short answer format.

18. Describe the difference between open-end and closed-end credit and provide an example of each. (4 points)

Open-end credit is a type Closed-end credit is when the


of loan that the borrower Mortgages and car loans are
Revolving credit like credit borrower receives money in a examples of closed-end credit.
can draw money from cards or home equity lines lump sum and must pay it back
of credit (HELOCs)
repeatedly up to a certain by a fixed end date.
pre-approved limit.

19. Describe three ways a twenty year old may begin building credit. (3 points)
Using a family member's credit Taking out a small personal loan
By opening a secured credit card or student loan
card
It will need a cash deposit as make payments on time will
collateral and helps establish a allowing their credit activity to be
reported and positively impact demonstrate responsible
credit history. borrowing and repayment
their credit score.
behavior.
© Take Charge Today – October 2020 – Credit Reports and Scores
The University of Arizona

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