Date: 02/09/2014
Feedback Given By: User_4168
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Project Details
Project Status: Completed
This work has been completed by: gudwriter
Total payment made for this project was: $10.00
Project Summary: I would like to get help with these Quiz questions. I have answered all of them, but still some of my answers are wrong. I need to turn this in tomorrow this is my second attempt to get the passing score of 80%. I have only scored 78%, I am not sure which of my answers are wrong. Please help me with this. Look below, the Credit Repair Organization Act explicitly states that the information listed must be in a credit repair contract. What is not required in the contract? A) Payment amount required B) A description of the services that will be performed to repair your credit C) An estimate of the time it will take to complete the services (or a date by which the services will be completed) D) How long your company has been business E) A visible statement letting you know you can cancel the contract within 3 business days When disputing an item in a credit report a successful credit repair firm will never do the following in behalf of their client: A) Never challenge accounts B) Never send a handwritten letter C) Never admit guilt D) Never dispute accounts that are currently delinquent E) Never make sure that an account is over two years old F) C & D What is a Good Score? A) Credit Scores 400-500 B) Credit Scores 690-715 C) Credit Scores 600-670 D) Credit Scores 720-850 E) Both B & D What law governs credit bureaus? A) Fair Debt Collection B) Credit Repair Organization Act C) Fair Credit Bureau Act D) Fair Credit Reporting Act E) Truth & Lending Vacating a judgment mean? A) A way to have a judgment voided and used by credit repair companies but may be illegal. B) Placing a consumer statement for a judgment. C) A legal way of have a judgment voided and filing an appeal with the court. D) A legal way to remove a collection account prior to judgment. E) A way to payoff and charge-off account prior to judgment. What information is used to calculate your credit score? A) Your average credit history from the previous year B) The information that appears on your credit report the day your score is calculated C) Information contained on your credit reports from the last three months D) Your credit report and bank statements In a FICO Score Model, `Type of credit used` is what Percentage of a score? A) 15% B) 30% C) 35% D) 25% E) 10% What are the results of violating the Credit Repair Organization Act? A) Consultants can be sued for actual damages, punitive damages, and attorney's fees B) Violations can be reported to the FTC, your state attorney general, and file suit in our state C) Clients will have five years from the date the violation occurred (or the date you learned of the violation) to take action against the organization. D) All of the above E) Criminal Charges will be filed always Can a credit bureau approve or deny credit? A) No, they do not grant or deny credit B) Yes, They do grant or deny credit C) No, they only stores information from credit grantors and public records and supplies this information to other creditors D) Yes, they stores information from credit grantors and public records and supplies this information to other creditors and grant credit E) A & C What is VantageScore? A) Designed to provide better reports and more accurate data B) Covers a more extensive consumer base, including the elusive `thin credit file` for consumers who have little to no credit history. C) A direct challenge to the Fair Isaac Corporation's FICO score D) Has A rang from 501 to 990 E) All Above F) Both A & C Which of the following statements are true regarding Repossessions? A) Once a loan is in default, it is normally the right of the creditor to repossess the collateral B) The creditors don't have to go through the court system if the collateral can be seized peacefully C) Only major restriction facing the creditor is not violating a `breech of peace D) A creditor can repossess your car or other merchandise if you fall behind on the payments E) All of the above If you have evidence to clear up errors in your credit report and have the need to obtain a mortgage loan very fast, what service should you use? A) VantageScore B) Rapid Score Now Service C) Rapid Rescoring Service D) FICO now service E) All of the above Under what circumstances are consumers entitled to a free credit report from a credit bureau? A) After they have been denied credit within the last 60 days. B) Under the FACT Act, Americans will have the right to one free statutory credit file disclosure every twelve months from each of the three national credit reporting agencies; residents of Georgia will be entitled two C) When not denied credit, they write to a bureau and request a copy of their own report D) A and B only What are the 5 main elements of a FICO SCORE? A) Payment history, Credit use, Length of credit history, Types of credit used, Inquiries B) Payment Amounts, Credit terms, Amount of Credit, Inquires, Limits C) Creditors, Credit Bureaus, VantageScore, Innovis, FTC D) Payment history, credit life insurance, inquires, type of credit, Credit use How long does information remain on the credit report? A) Bankruptcies, judgments and liens, missed payments and most public record items remain on the credit report for seven years. B) Chapter 7, 11 and 12 bankruptcies, which remain for 10 years C) Unpaid tax liens remain for up to 15 years. D) Active positive information may remain on the report indefinitely. E) Requests for your credit history remain on the credit report for up to two years. F) All of the above G) Both A & B Where can a consumer order a FREE credit report once a year? A) Annual Credit Life Report Website B) Trans Bureau of Credit Reporting Website C) Annual Credit Report Website D) Annual Personal Credit Website E) None above What are the different types of credit? A) Revolving credit, Charge credit, Installment credit B) Charge off credit, Repossession, Installment C) Clothing credit, gas credit, house credit D) All credit is the same E) Both A & D What is a hard-inquiry? A) A personal request for a credit report B) An item on a person's credit report that indicates that someone has asked for a copy of the individual's report. C) An open investigation of a dispute D) None of the above What is Credit Monitoring? A) An automated process of keeping an eye on your credit. B) Helps protect against identity theft. C) Monitors any changes and/or inquiries made to a credit file. D) Have a nominal monthly fee or free with some services. E) Alerts consumer within 24 hours of an issue or action F) All of above A 09 on a credit reports is a code that represents what type of account? A) Charged-off or collections account B) 30 days past due C) Too new to rate D) 60 days past due E) Collection account only Out of all the options below, what items Credit Repair Companies Do Not Need From Their Clients? A) Driver's license or State ID Card B) Social Security Card (if you have) OR any document that shows your name and Social Security Number (i.e. W-2 forms, paycheck stub, bank statement, medical insurance card, etc.) C) And any ONE of the following showing your NAME and CURRENT ADDRESS: electric, gas, water, or cable TV bill, voters or auto registration card, or the top part of any bank statement D) Documentation that will assist in identifying any errors, misrepresentations, or omissions. E) Limited Power of Attorney F) Marriage License Credit Repair Companies are required by law to provide their clients the following: A) A `limited power of attorney` B) The `Consumer Credit File Rights under Federal and State law C) The Client's `Right to Cancel` form D) A, B & C E) Their business license F) None of the above What happens if your client request for credit is denied? A) Several reasons, income, job, lack of credit B) Poor Credit History C) Credit Score D) All of Above and other reasons E) None above What is a consumer disclosure? A) A credit report that is faxed to consumers B) An investigative report C) Contains a comprehensive history of your credit information, including all inquiries D) None of the above What can be taken off a credit report? A) Only inaccurate items B) Any inaccurate, unverifiable accounts, old personal information and public records C) All information can come off at will D) Both A and B E) None above Credit repair companies according to the law can do what? A) Can `clean up` credit by removing accurate, negative information B) Can only legally dispute inaccurate information on a credit report C) Help you legally create a new credit history D) Do a better job if you pay them more money How often do Credit Scores Change? A) Change every six months B) Change Monthly C) Scores are fluid; it changes when credit information changes. D) Scores change every 30-60 days. E) None Above Let's say that you have a credit card with a small credit limit of $250 and a current balance of $150. However, you pay the balance off each month full. Will this be a factor in your utilization ratio? A) Yes B) No, because it is about the ratio C) No, because smaller amounts can be easily paid D) Yes, because credit limit determines everything E) Yes & No depending on the amount Some credit card companies have a dirty little secret when reporting the payment history of their customer to credit bureaus. Is this true? A) Yes, but it is not clearly understood B) No because they are required my law not to have secrets C) No D) Yes, they sometimes purposely fail to report the correct credit limits of their customers E) No, they report credit limits and credit history as agreed As a Credit repair organization, what CAN you do legally? A) Lie or advise your clients to lie about their credit history to current or future creditors B) Alter my client's identity, e.g. get a new EIN or new identity, to try to get a new credit history C) Only dispute inaccurate information within my clients credit report D) Misrepresent the services we provide to our clients E) Ask clients to pay for services before they have been provided Look at the issues below, What will affect a Credit Score the most? A) Having numerous credit cards with high balances. B) Having wrong personal information in a credit report C) Too many inquires D) Collections Accounts E) Delinquent Accounts over two years old There is a 4th credit bureau that is not widely known, What is the name of this company? A) Internovis Data Solutions B) International Data C) Innovis Data Solutions D) Trans Data Solutions One of your clients just got married and calls your office to ask the following question: `what happens to our credit report now that we are married?` Your answer should be what? A) It is merged with your spouse's credit history B) It stays the same. The only information reported on both spouses' reports are joint accounts or an authorized user accounts such as a credit card C) Shows your spouse's debt in a separate section but keeps it seperate D) Your report is wiped clean so you can start again under your new married name How many revolving accounts make a great score? A) 6 or more B) 8 C) 3 D) 0 E) 1 maybe 2 F) It doesn't matter What are considered bad credit loans? A) Long term loan B) Short term loan (payday/cash advance) C) No Credit Check or Co-signer loans D) Both A & B E) Both B & C Is Credit Repair Illegal? Please note that it could be more that one answer below. A) No, credit repair is LEGAL. B) Yes, In Some states C) No, but there are State & Federal laws governing the industry. D) Both A and C E) Both D & B If a credit bureau requests a copy of your bankruptcy papers as evidence of the filing date, what steps should be taken? A) Send all papers because this could raise your client score. B) Make a copy of your papers and send them to the FTC. C) Do not send copies, because accounts that were not discharged could be listed under the bankruptcy and lower your score. D) Do not send copies because the FTC prefers that all copies come to their office. E) Do not send copies because they are not for public viewing. If you dispute an item in your client's credit report, and it is removed, can it reappear on their profile? A) Yes, because the creditor can put it back at a later point B) No, it is always permanently removed from their credit report C) No, the law said that it can not come back D) Yes, and should be carefully watch based on option (A) above E) None above Let do some math; What is the total revolving utilization ratio of a client with the scenario below? (Don't forget to round the number up) You can use a calulator. __________________________________________ Credit Card #1 Balance: $500 Limit: $750 Credit Card #2 Balance: $200 Limit: $800 Credit Card #3 Balance: $750 Limit: $1000 ___________________________________________ A) 47% B) 50% C) 65% D) 57% E) 44% F) Not enough information What law governs credit repair firms? A) Fair Credit Reporting Act B) Credit Repair Organization Act C) Credit Repair & Debt Act D) Fair Debt Collection E) Truth & Lending Can any company or employer obtain a copy of your credit report without your permission? A) Yes B) No C) Sometimes What is an Authorized User and can it affects a credit score? Please note that there could more that one right answer. A) A person that is authorized to purchase a vehicle in the name of their employer. However they are not responsible for repayment of the debt. This will enhance their credit score. B) A person permitted by a credit cardholder to use the card but is not responsible for repayment of the debt. It will no longer affect the user's credit score due to recent changes. C) A person permitted by a credit cardholder to use the card but is not responsible for repayment of the debt. It is an excellent way to build credit for kids and friends. But could be stopped because of FICO 08. D) A married couple who is authorized to act in behalf of one another and enjoys a merged credit score (good or bad). E) Both B & C How often should a consumer check their credit? A) It is a good idea to know what is included in your credit history before applying for credit or a loan. B) Every 3 months C) At lease once a year D) Every two year E) Both A & C F) None of the above What is the function of the secret credit bureau? A) A data solution that offers pre-screening of consumer credit to offer pre-approved credit cards and loans. B) A Data Solutions who check and verify all consumer files C) A data solutions that investigation disputes D) A data solution that accepts pull hard inquires. E) None above What is credit freeze? A) A way to freeze your employement records. B) Designed to prevent a credit reporting company from releasing your credit report without your consent. C) Designed to prevent lenders from releasing your credit report with your consent. D) Freezes credit reports for consumers who wishes to pull their own credit. E) There is no such thing as a credit freeze. This should be an easy question. Do you know the three major credit bureaus in the United States? A) Experian, Equifax, TransUnion B) American Express, Master Card, Visa C) Bank of America, Citibank, Chase Manhattan D) Experia, Transtrax, Efax Why do student loan information appear more than once on a credit report? A) They do not appear more than once B) Student loans are reported individually by enrollment periods, therefore, the loans cannot be combined C) They are usually merged together D) None of the above Credit repair organizations can NOT legally do the following: A) Lie or advise clients to lie about their credit history to current or future creditors B) Alter clients identity, e.g. get a new EIN or new identity, to try to get a new credit history C) Misrepresent the services they provide to clients D) Ask clients to pay for services before they have been provided E) All of the Above F) Dispute inaccurate information within their client credit report Before repairing a client's credit, from the option below, what should NOT be consider a major priority? A) Checking the credit score B) Items over two years old C) If the credit report has the wrong birthday D) Collection accounts less than two years old and duplicates E) Credit card limits In a FICO Score Model, `Inquires` are what Percentage of a score? A) 15% B) 35% C) 10% D) 30% E) 25% In a FICO Score Model, `Credit use` is what Percentage of a score? A) 15% B) 30% C) 35% D) 25% E) 10% What is the best way to improve your credit score? A) File for bankruptcy B) Apply for credit to pay off previous debts C) Make all payments on time, every time D) Ignore charge-offs on your credit report E) Check credit balances against credit limits and make adjustments accordingly. F) Both C & E In a FICO Score Model, `Payment History` is what Percentage of a score? A) 15% B) 20% C) 30% D) 35% E) 10% When paying a collection account, What should you or your client do? A) Try to get a payment in full letter B) Negotiate to receive a deletions letter from the agency prior to making any payments C) Request for Verification of your address D) Ask for a settlement contract What Does FACT Act stands for? A) The Fair and Accurate Credit Transactions Act B) The Fair Action Credit Tort Act C) The Fair Accurate Consumer Transaction Act D) The Fair Action Consumer TransUnion Act How long does credit bureaus have investigate a dispute? A) 60 days B) 30 days C) 30 days however, 45 days if you got the free annual report D) 10 days but not more that 20 days. E) At a reasonable time, not specified. How long can a bankruptcy stay on your credit report? A) 2 years B) 5 years C) 7 years D) 10 years E) Both option C & D depending on the bankruptcy chapter type How can you stop collection agencies from calling? A) Write a letter telling them to stop contacting you unless they are taking legal actions. B) Contact FTC and complain about the calls C) Call the credit bureau and have them stop them D) Threaten them to stop calling What are soft inquires? A) An entry on a credit report that list what companies pulled your credit B) Inquires that evaluates your credit scores temporally C) Are not visible to all those viewing your credit report and do not count against your credit score D) Entries that hurt your credit score softly What can bills collectors or collection agencies do? A) Make anonymous or threatening phone calls B) Use abusive language or profanity C) Call you between the hours of 9 p.m. and 8 a.m. D) Call you at work after alerting them that your employer disproves. E) Attempt to collect a debt In a FICO Score Model, `Length of credit history` is what Percentage of a score? A) 15% B) 30% C) 35% D) 25% E) 10% When reviewing a credit report with a chapter 7 bankruptcy, there is one thing that you must check for because it will affect a credit score. Now, look below, what should you dispute first if this is not done? This is not a trick question. A) Check to a make sure the bankruptcy code is properly showing in the credit report. B) Check for the discharge date. C) Check for spelling of the word bankruptcy because it could give you an opening to dispute. D) Check all accounts listed in the bankruptcy for the closed dates. Dispute any accounts that are still showing open without a closed date. E) Check to make sure that all accounts listed in the bankruptcy are spelled correctly because it could give you an opening to dispute. A negative account that is four years old is being reported incorrectly in your credit report. It shows that it was delinquent in the past, how should you dispute this account? A) Dispute the inaccurately reported account to have it corrected. B) Determined how this account affects your credit score before you dispute because it could be helping your score. C) Do not dispute this account because you need at least one negative account on a credit report for a great score. D) Dispute the account because it is negative.