Credit Scores and Reports Answers

Who can access your credit report?

Eric is comparing the credit scores of his friends. The scores he gathered are found in the table below. 588838691818846725605732750Among this batch of credit scores, find whether the mean or the median is higher, and how much higher it is. (Round to the nearest whole point, if applicable.)

Xavier is comparing the credit scores of people in his neighborhood. He compiled the scores he found into the table below. What is the median credit score in this group? (Round to the nearest whole point, if applicable.)763680776639845825776690829

Tony is a loan officer. He determines his clients’ eligibility for loans and for good interest rates by using their credit scores. The scores of several clients are shown in the following table.NameExperianEquifaxTransUnionNeil726752822Paula634732771Jeff721760754Peter666716707Help Tony evaluate his applicants based on their mean and median credit scores.

Eric is comparing the credit scores of his friends. The scores he gathered are found in the table below. 588838691818846725605732750Among this batch of credit scores, find whether the mean or the median is higher, and how much higher it is. (Round to the nearest whole point, if applicable.)

What is the difference between a credit score and a credit rating?

Of the following statements, which one or ones describe actions harmful to your credit score?I. Owing a lot of moneyII. Having many lines of creditIII. Making steady payments

You are a loan officer trying to decide which clients deserve your best rates. The table below shows the credit scores of several loan applicants.NameExperianEquifaxTransUnionKellin720783733Natasha699684784Edward789658782Lisa810679792Based on each applicant’s median credit score, who deserves your best interest rates?

Will’s boss has asked him to compile the credit scores of everyone in his department. The data that Will collected is shown in the table below. What is the mode of the credit scores in Will’s department? (Round to the nearest whole point, if applicable.)634667644892627821857703654

Hal is going over the credit scores he received from the three major credit bureaus. He Experian score is 711, his Equifax score is 736, and his TransUnion score is 736. What is the mode of Hal’s credit scores? (Round to the nearest whole point, if applicable.)

Xavier is comparing the credit scores of people in his neighborhood. He compiled the scores he found into the table below. What is the median credit score in this group? (Round to the nearest whole point, if applicable.)763680776639845825776690829

Christine is reviewing her credit scores from the three major credit bureaus. Her Experian score is 775, her Equifax score is 721, and her TransUnion score is 760. What is Christine’s median credit score? (Round to the nearest whole point, if applicable.)

Miles and Nick each separately apply for and receive loans worth $5,000 apiece. Miles has a very good credit score, so his loan has an APR of 7.75%, compounded monthly. Nick’s credit score is rather low, so his loan has an APR of 13.10% interest, compounded monthly. If both of them repay their loans over a four year period, making equal monthly payments based on their own loan, how much more will Nick have paid than Miles? (Round all dollar values to the nearest cent.)

Hal is going over the credit scores he received from the three major credit bureaus. He Experian score is 711, his Equifax score is 736, and his TransUnion score is 736. What is the mode of Hal’s credit scores? (Round to the nearest whole point, if applicable.)

Of the following statements, which one or ones indicate possible effects of a low credit score?I. You will have a difficult time qualifying for loans.II. Any loans you take out will be relatively short-term.III. You will have to pay higher than average interest rates.

What is a credit report?

Miles and Nick each separately apply for and receive loans worth $5,000 apiece. Miles has a very good credit score, so his loan has an APR of 7.75%, compounded monthly. Nick’s credit score is rather low, so his loan has an APR of 13.10% interest, compounded monthly. If both of them repay their loans over a four year period, making equal monthly payments based on their own loan, how much more will Nick have paid than Miles? (Round all dollar values to the nearest cent.)

Which answer choice does not name one of the three national credit reporting agencies (also called credit bureaus)?