If used properly Credit can be your friend. If not used properly Credit can consume your life. Test your Credit knowledge, see if you can answer these 3 questions.
1. Name the three main credit bureaus
2. True or False?
You should only check your credit when you want to apply for a loan.
3. Which of the following is NOT a way to maintain excellent credit.
a. Pay your bills on time
b. Space out new credit
c. Do not run your credit often
d. Make only the minimum payments
Answers:
1. Experian, Equifax and Transunion
A credit bureau collects and stores credit information on consumers. Each has its own records and individual scores.
2. False
Check your credit once a year. If you have been a victim of identity theft, it is recommended to check your credit every 6 months.
3. (d) Make only the minimum payments
To maintain excellent credit it is important to actively use your credit and pay everything off in full every month.
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