Credit

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Credit

What’s the best way to compare the cost of loans? *

1 point

By comparing when the loans are due

By comparing their effective interest rates

By comparing the amount that’s due every month

By comparing how often the borrower has to pay

What does credit mean? *

1 point

Finding someone to cosign a loan

Receiving a bonus at work

Borrowing money to pay for stuff

None of the above

What does it mean to pay interest on a loan? *

1 point

That the borrower pays the lender to use the money

That the borrower is very interested in getting the loan

That the lender reviews the borrower’s credit report

None of the above

How often are you entitled to a free credit report from each of the credit bureaus? *

1 point

Once a month

Once a year

Once every five years

Never

What’s one disadvantage of using credit? *

1 point

It hurts your credit score

It costs more than paying for something upfront

It will be recorded on your credit report

There are no advantages

Which of the following is NOT one of the credit bureaus that issues credit reports? *

1 point

Experian

Equifax

CFPB

TransUnion

What’s one advantage of using credit? *

1 point

You can use something while you pay it off

You can buy something now and pay for it later

You can make big purchases that would take a long to save for

All of the above

What are the lowest and highest credit scores a borrower can receive? *

1 point

300 to 850

400 to 700

350 to 800

500 to 900

How long does financial information (including negative information) remain on your credit report? *

1 point

1 year

5 years

7 years

10 years

Which of the following is a type of credit? *

1 point

Credit cards

Student loans

Mortgages

All of the above

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This form was created inside of OppLoans.