Do you know most americans have little knowledge about credit scoring?Take the Credit Score Quiz and find out where your stand:
Answer True or False then scroll down and click the answers tab:
1- The most heavily weighted part of my credit score is the amount of money I make.
2- Credit scores were invented by the Fair Isaacs Company, and the exact scoring formula is proprietary information, (a trade secret).
3- If I have a low credit score I am doomed for 7 years.
4- When applying for a mortgage, lenders take an average of my three credit scores.
5- It is widely held that 50% of all credit reports contain errors.
6- The word FICO stands for Fair Information Credit Organization.
7- It is always good to close old credit cards I am not using.
8- If I want to raise my credit score I can write to the credit bureaus and tell them the negative accounts on my credit report are not mine.
9- There are only three Credit Reporting agencies.
10- The credit reporting agencies by law must keep my information private unless I authorize someone to view my report.
11- The numeric range for “FICO” credit scores is from 350 to 850.
12- The law which governs my rights regarding credit reporting is called the Fair Debt Collection Practices Act.