Sunday, September 19, 2021

Richard Crammer
Credit Repair and Reporting Quiz
by Richard Crammer
Richard Crammer served as the editor at for two years.

Credit Repair Scams abound today. Every time you turn on the TV or read a newspaper it seems that someone is promising to improve your credit rating. Take this quiz to improve your awareness of credit repair scams, and don't get ripped off.

1. According to federal law can a credit repair company charge up-front fees for helping people reduce their debts?
Yes, as long as the fees do not exceed $50.
Yes, as long as the fees do not excees $25.
No, a credit repair company cannot charge until after they have rendered their services.
I don't know!

2. How long can negative information stay on your credit report?
7 years.
10 years
It stays on forever.
Any of the above.
I don't know!

3. Can negative information be removed from your credit report?
Yes, only if the information is inaccurate.
Yes, any information can be removed from the report as long as you go through the proper channels.
No, all information stays on your report until the credit bureau removes it.
I don't know!

4. Can a credit bureau charge you to see your own credit report?
No, everyone has full access to their credit report at any time.
Yes, a credit report agency can charge a fee for credit reports as long as certain conditions are met.
Yes, a credit report agancy can always charge a fee for credit reports.
I don't know!

5. When a credit repair company offers to help you obtain a new identity they are probably talking about a practice called file segregation. What is file segregation?
The practice of obtaining a new number to use in place of your social security number when applying for credit.
The practice of separating your credit file from your spouse's file in order to prevent one's bad credit from hurting the other's.
The practice of consolidating all your debts onto a single loan and closing all your other accounts.
I don't know!

6. A credit repair organization must disclose…
The payment terms for services, including their total cost.
A detailed description of the services to be performed.
How long it will take to achieve the results.
All of the above.
I don't know!

7. Can credit report bureaus charge you to reinvestigate a disputed item in your credit report?
Yes, credit report bureaus can charge up to the amount of the disputed item.
Yes, credit report bureaus can charge up to half of the amount of the disputed item, but most don't.
No, credit report bureaus cannot charge to reinvestigate a disputed item.
I don't know!

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