Credit Scores and Reports Answers

What is a credit report?a.A credit report is a number representing your creditworthiness.b.A credit report is a detailed listing of your credit history.c.A credit report is a ranking which compares your creditworthiness to others.d.A credit report is a missed payment or other factor which negatively affects your credit.

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.)763680776639845825776690829a.776b.758c.845d.737

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.a.Jeff has the highest mean score, but Paula has the highest median score.b.Neil has the highest mean score, but Jeff has the highest median score.c.Neil has the highest mean score and the highest median score.d.Paula has the highest mean score, but Jeff has the highest median score.

Sophie did an anyonymous survey and collected her friends’ credit scores. The scores she found are listed in the table below. What is the mean credit score in this group? (Round to the nearest whole point, if applicable.)682601744674701790676638773a.698b.695c.676d.701

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.a.I onlyb.I and IIc.III onlyd.I and III

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 paymentsa.I and IIb.II onlyc.I and IIId.I only

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.)a.The mean is 113 points higher than the median.b.The mean is 1 point higher than the median.c.The median is 15 points higher than the mean.d.The median is 8 points higher than the mean.

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.)a.752b.721c.760d.748

What is the difference between a credit score and a credit rating?a.A credit score and a credit rating are the same thing.b.A credit score is a measure of how much debt you have, and a credit rating is a measure of your creditworthiness.c.A credit score is a number indicating your creditworthiness, and a credit rating is a measurement of how your credit score compares to others.d.A credit score is a measurement of your creditworthiness from one major credit bureau, and a credit rating is a measurement of your creditworthiness from all three major credit bureaus.

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.)634667644892627821857703654a.667b.722c.627d.There is no mode in this group.