Creditworthiness is an inseparable part of financial health. Test your understanding of credit reporting with this quiz.

1.Federal law requires each of the main credit–reporting agencies to provide consumers with a free copy of their credit reports on request once every _________.

month
12 months
2 years
lifetime

2.Credit–reporting agencies are required to give you your credit score at no cost.

True
False

3.If someone steals your credit card and makes a fraudulent purchase, you are liable for ______.

the entire amount
50% of amount charged
up to $50
nothing

4.If you find inaccurate or incomplete information on your credit report, the credit–reporting agency is ________ to investigate your claim.

free
under no obligation
required by federal law

5.With one phone call, it is possible to opt out of “prescreened” unsolicited offers for credit or insurance that are based on information in your credit report.

True
False
Answers:

1. b. 12 months. Go to www.annualcreditreport.com.
2. b. False. You have a right to request your credit score, but you may be required to pay a fee to obtain it.
3. c. Up to $50. The Federal Trade Commission warns against buying credit–card loss protection products because they are unnecessary due to the $50 limit.
4. c. Required by federal law, except for frivolous claims. For information on how to file a dispute, go to www.ftc.gov/credit.
5. a. True. Call (888) 5-OPTOUT.

Score Your Credit Knowledge