"Credit Reports 1.4.2.a2 Worksheet - Family Economics & Financial Education, the University of Arizona"

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1.4.2.A2
Worksheet
Credit Reports
Name__________________
Total Points Earned
26
Total Points Possible
Date__________________
Percentage
Class _________________
Directions: Match the following definitions with the correct terms by placing the appropriate letter on each blank
provided.
(Each worth 1 point)
1. _______A record of transactions
involving the use of credit.
2. _______A mathematical tool created to help a
lender evaluate the risk associated with lending
a. Credit Score
customers money.
b. Hard Credit Check
c. Credit
3. _______This occurs when permission is
d. Credit Inquiry
given to a company to check an individual’s credit.
e. Credit Report
f.
Credit History
4. _______When goods, services, and/or money is
g. Lender
received in exchange for a promise to pay back a
definite sum of money at a future date.
5. _______A record of a consumer’s credit history.
6. _______A request for your credit report or score.
7. _______The person or organization who has the
resources to provide the individual with a loan.
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.
(Each worth 1 point)
8. _______ Maintaining a reasonable amount of unused credit.
9. _______ Routinely paying bills late.
10. _______ Numerous credit applications in a short period of time.
11. _______Checking credit reports annually to search for mistakes.
© Family Economics & Financial Education – Revised April 2010 – Credit Unit –Understanding Credit Reports – Page 31
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
1.4.2.A2
Worksheet
Credit Reports
Name__________________
Total Points Earned
26
Total Points Possible
Date__________________
Percentage
Class _________________
Directions: Match the following definitions with the correct terms by placing the appropriate letter on each blank
provided.
(Each worth 1 point)
1. _______A record of transactions
involving the use of credit.
2. _______A mathematical tool created to help a
lender evaluate the risk associated with lending
a. Credit Score
customers money.
b. Hard Credit Check
c. Credit
3. _______This occurs when permission is
d. Credit Inquiry
given to a company to check an individual’s credit.
e. Credit Report
f.
Credit History
4. _______When goods, services, and/or money is
g. Lender
received in exchange for a promise to pay back a
definite sum of money at a future date.
5. _______A record of a consumer’s credit history.
6. _______A request for your credit report or score.
7. _______The person or organization who has the
resources to provide the individual with a loan.
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.
(Each worth 1 point)
8. _______ Maintaining a reasonable amount of unused credit.
9. _______ Routinely paying bills late.
10. _______ Numerous credit applications in a short period of time.
11. _______Checking credit reports annually to search for mistakes.
© Family Economics & Financial Education – Revised April 2010 – Credit Unit –Understanding Credit Reports – Page 31
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
1.4.2.A2
Worksheet
Directions: Complete the following pie chart indicating the different sections and percentages that comprise a credit
score.
(Each section worth 1 point)
12.
Once you have separated the pie chart into the five different categories, give one reason below why each
13.
category is important when a credit score is being calculated.
(5 points)
a.
b.
c.
d.
e.
Directions: Please circle the correct letter for each of the following questions.
(Each worth 1 point)
14. Which of the following is NOT on a credit report?
a. Date of Birth
b. Social Security Number
c. Race
d. Public Records
15. 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
Directions: Answer the following question in short answer format.
16. Describe three ways a twenty year old may begin building credit.
(3 points)
© Family Economics & Financial Education – Revised April 2010 – Credit Unit –Understanding Credit Reports – Page 32
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
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