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Exam 7: Assessing and Securing Your Credit

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Question 61

Multiple Choice

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Which of the following can be used by a creditor in deciding whether or not to grant credit?

A) Credit history
B) Race
C) Gender
D) Both A and C are correct.

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Question 62

Multiple Choice

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According to the Federal Trade Commission, the average individual monetary loss as a result of identity theft is about

A) $10,500.
B) $47,500.
C) $1,000.
D) $500.

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Question 63

Short Answer

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Use the following two columns of items to answer the matching questions below: -Social Security card A)something you should install on your computer to protect you from hackers and worms B)the federal agency that acts as a clearinghouse for all identity theft complaints C)obtaining information on a person's identity from discarded items D)something you should never carry in your wallet E)copying credit information from the magnetic strip on a credit card

Discuss the reasons why someone would wish to steal your identity.

You can take all of the following steps to recognize and avoid identity theft online, except

Use the following two columns of items to answer the matching questions below: -skimming A)something you should install on your computer to protect you from hackers and worms B)the federal agency that acts as a clearinghouse for all identity theft complaints C)obtaining information on a person's identity from discarded items D)something you should never carry in your wallet E)copying credit information from the magnetic strip on a credit card

The impact of credit ________ saving and ________ spending.

Identity theft only occurs through individuals who do not have legitimate access to your information.

If you find that you will not be able to make credit payments on time, the best course of action is to immediately notify the creditor.

Which of the following is not a disadvantage of using credit?

Your credit report can be requested online and should be checked periodically for errors.

Which of the following is not true regarding revolving open-end credit?

Which of the following would not be contacted in all cases of identity theft?

The Equal Credit Opportunity Act allows a creditor to deny credit based on a person's age.

Identity theft occurs when an individual obtains, without your permission, any of the following information, except your

Free credit reports are accessible to all U.S. consumers at

Which of the following is not one of the three primary credit bureaus?

Which of the following will not help you establish a good credit history?

With a credit score of over 500, you should have no problem getting approval for credit purchases.

Why is it so important that you make all of your credit and loan payments on time?