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P4-73 Quiz

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Question 1 of 7

1. Question

What is the primary purpose of a credit bureau (also known as a repository)?

To supply credit information on consumers to creditors
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To approve or deny consumer loans
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To set credit scoring models
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To collect loan payments
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Question 2 of 7

2. Question

Why might credit information appear on one repository’s report but not on another?

Credit bureaus store data for limited time periods
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Credit scores vary by lender
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Repositories delete inactive accounts
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Not all creditors report to every credit bureau
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Question 3 of 7

3. Question

How do credit bureaus obtain information about a consumer’s credit history?

From consumers directly
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From credit grantors who extend credit
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From automated underwriting systems
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From public court records only
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Question 4 of 7

4. Question

What type of consumer behavior is typically reported to credit bureaus by creditors?

Employment history
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Monthly income
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Net worth
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How the consumer pays his or her bills
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Question 5 of 7

5. Question

What is a “limited subscriber” to a credit repository?

A creditor serviced by one repository that only inquires on that system
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A creditor who reports to all bureaus automatically
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A consumer with limited credit history
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A lender that only reports delinquent accounts
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Question 6 of 7

6. Question

How frequently is credit status typically updated by automatic subscribers?

Daily
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Every one to two months
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Once per year
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Only at loan closing
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Question 7 of 7

7. Question

Why are credit repositories working together to share information?

To reduce reporting costs
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To standardize interest rates
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To eliminate local bureaus
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To provide more accurate and complete credit information
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