Conclusion & Quiz

Conclusions & Quiz

Sadly, we have reached the end of our guide on credit reports and credit scoring.

If you have read the entire guide, you should have a strong working knowledge of how credit reports and credit scoring are created and maintained.

Credit Score

1) Bankruptcy stays on your credit history for:

  • a) 6 years
  • b) Forever
  • c) 12 years

2) Credit scores stay the same forever:

  • a) True
  • b) False

3) My spouse or partner's debts affect my credit:

  • a) True
  • b) False

4) There are three (3) credit bureaus in the UK:

  • a) True
  • b) False

5) My landlord will be notified if I go bankrupt:

  • a) True
  • b) False
  • c) Possibly if I cannot provide a tenancy agreements

6) Credit histories and credit scores are only used to grant loans:

  • a) Yes, they are only for getting creditor
  • b) No, credit scores can be used in getting a job, and an insurance policy

7) Name three (3) items found on your credit report:

  • a) Your name, address, and bank balances
  • b) Creditors you have accounts with, payment history, and current balances
  • c) Any CCJ's you may have, your partner or spouse, and your address

8) Being on the electoral role helps your credit:

  • a) True
  • b) False

9) What is a Notice of Disassociation:

  • a) A notice placed on my credit history showing a default
  • b) A notice placed on my credit history disassociating me from someone
  • c) A notice placed on my credit history showing pending court cases against me

10) Applying for too much credit does not affect my credit score:

  • a) True
  • b) False

1) The answer is:

  • a) 6 years
  • Bankruptcy just like everything on you credit history stays there for 6 years.

2) The answer is:

  • b) False
  • Credit scores can change over time and do change over time. That is why there are things you can do to raise and lower your credit score.

3) The answer is:

  • b) False
  • The only way your spouse or partner's debts can impact your credit is if they are jointly held accounts, or if you have co-signed ro guaranteed a loan.

4) The answer is:

  • a) True
  • The 3 credit bureaus are Experian, Equifax, and Call Credit.

5) The answer is:

  • c) Possibly.
  • If the Official Receiver in a bankruptcy requires proof you do not have an interest in the property, they can request a copy of your tenancy agreement, and in some instances they

6) The answer is:

  • b) No
  • Credit scores are used by lenders to make a decision in granting a loan, but they can also be used by employers when vetting a candidate for a job, and also by insurance companies

7) The answer is:

  • b) While most of the other items do appear on your credit report, bank balances (a) and your partner or spouse (c) do not appear.

8) The answer is:

  • a) True
  • Being on the electoral roll aids lenders in knowing you are at the address you state you live.

9) The answer is:

  • b) A notice placed on your credit report disassociating you from someone.

10) The answer is:

  • b) False
  • A slightly tricky worded question.
  • Applying for credit leaves an inquiry or footprint on your credit report. Too many of these can lower your credit score.

  • So how well did you do?
  • Did you get 100%?
  • The quiz is more for fun and to help you see how much you have learned form our guide.