HUD COUNSELOR EXAM ACTUAL EXAM 200 QUESTIONS AND CORRECT DETAILED ANSWERS
WITH RATIONALES (VERIFIED ANSWERS) |ALREADY GRADED A+
Which section of a credit repirt will contain employer information? - correct answer personal
information
Which section of the credit report will contain information about a student loan? - correct
answer account information
Which section of a credit report will contain court information such as bankruptcy? - correct
answer Public records
Which section of the credit report will show recent attempts to open a credit card? - correct
answer Inquiries
Which section of a credit report will contain information about how to correct inaccuracies? -
correct answer Consumer rights
Credit history length - correct answer 15% of credit score
Based on types of credit used - correct answer 10% of credit score
New credit - correct answer 10% of credit score based on
Ratio or total credit extended to the amount of credit owed - correct answer amounts owed
Number of recent credit inquiries, as well as new credit accounts - correct answer New Credit
Review credit report and dispute inaccuracies. Keep records of dispute information. - correct
answer Incorrect information on credit report
Get current and pay on time going forward. Set up payment reminders. Adjust budget to factor
in all monthly payments. - correct answer Delinquencies/collections/judgments
Pay down debt and keep balances low moving forward. Pay more than minimum. Know what
the balance is and check statements. - correct answer Credit card maxed out/too much debt
Open a credit card account or other line of credit secured card or personal loan. - correct
answer No credit/poor credit/limited credir
Make more than minimum payment to pay down the balances. - correct answer Roger has
maxed out his credit card
Apply for secured credit card to establish history. - correct answer Molly is recent college
graduate trying to apply for her first credit card but has been denied:
Notify credit reporting agencies. - correct answer Chris see that a bankruptcy on his report
actually belongs to his cousin, who has the same name:
,1) You have right to know what is in your file
2) You have the right to dispute incomplete or inaccurate information
3) Access to your file is limited
4) You may seek damages from violators - correct answer Fair Credit Reporting Act (FCRA):
1) You have the right to a free credit report
2) You have the right to place a fraud alert on your credit file
3) Credit card numbers must be truncated so the full number is not visible on receipts - correct
answer Fair and Accurate Credit Transactions Act (FACTA):
1) You can dispute billing errors associated with your credit card account - creditor 30 days to
acknowledge and 90 days to research and make determination
2) - correct answer Fair Credit Billing Act (FCBA):
Which section of a credit repirt will contain employer information? - correct answer personal
information
Which section of the credit report will contain information about a student loan? - correct
answer account information
Which section of a credit report will contain court information such as bankruptcy? - correct
answer Public records
Which section of the credit report will show recent attempts to open a credit card? - correct
answer Inquiries
Which section of a credit report will contain information about how to correct inaccuracies? -
correct answer Consumer rights
Credit history length - correct answer 15% of credit score
Based on types of credit used - correct answer 10% of credit score
New credit - correct answer 10% of credit score based on
Ratio or total credit extended to the amount of credit owed - correct answer amounts owed
Number of recent credit inquiries, as well as new credit accounts - correct answer New credir
Review credit report and dispute inaccuracies. Keep records of dispute information. - correct
answer Incorrect information on credit report
Get current and pay on time going forward. Set up payment reminders. Adjust budget to factor
in all monthly payments. - correct answer Delinquencies/collections/judgments
, Pay down debt and keep balances low moving forward. Pay more than minimum. Know what
the balance is and check statements. - correct answer Credit card maxed out/too much debt
Open a credit card account or other line of credit secured card or personal loan. - correct
answer No credit/poor credit/limited credir
Make more than minimum payment to pay down the balances. - correct answer Roger has
maxed out his credit card
Apply for secured credit card to establish history. - correct answer Molly is recent college
graduate trying to apply for her first credit card but has been denied:
Notify credit reporting agencies. - correct answer Chris see that a bankruptcy on his report
actually belongs to his cousin, who has the same name:
1) You have right to know what is in your file
2) You have the right to dispute incomplete or inaccurate information
3) Access to your file is limited
4) You may seek damages from violators - correct answer Fair Credit Reporting Act (FCRA):
1) You have the right to a free credit report
2) You have the right to place a fraud alert on your credit file
3) Credit card numbers must be truncated so the full number is not visible on receipts - correct
answer Fair and Accurate Credit Transactions Act (FACTA):
1) You can dispute billing errors associated with your credit card account - creditor 30 days to
acknowledge and 90 days to research and make determination
2) Creditors must send billing statements to consumers at least 14 days before the payment is
due - correct answer Fair Credit Billing Act (FCBA):
(FCRA) Fair Credit Reporting Act - correct answer Matt wants to limit his employers access to
his credit report:
(FCRA) Fair Credit Reporting Act - correct answer Peter wants to dispute inaccurate information
in his credit report:
(FCBA) Fair Credit Billing Act - correct answer Amy sees a charge she did not make on her credit
card statement and wants to dispute it:
(FACTA) Fair and Accurate Credit Transaction Act - correct answer Jen has been a victim of
identity theft and wants to place a fraud account on her credit file:
WITH RATIONALES (VERIFIED ANSWERS) |ALREADY GRADED A+
Which section of a credit repirt will contain employer information? - correct answer personal
information
Which section of the credit report will contain information about a student loan? - correct
answer account information
Which section of a credit report will contain court information such as bankruptcy? - correct
answer Public records
Which section of the credit report will show recent attempts to open a credit card? - correct
answer Inquiries
Which section of a credit report will contain information about how to correct inaccuracies? -
correct answer Consumer rights
Credit history length - correct answer 15% of credit score
Based on types of credit used - correct answer 10% of credit score
New credit - correct answer 10% of credit score based on
Ratio or total credit extended to the amount of credit owed - correct answer amounts owed
Number of recent credit inquiries, as well as new credit accounts - correct answer New Credit
Review credit report and dispute inaccuracies. Keep records of dispute information. - correct
answer Incorrect information on credit report
Get current and pay on time going forward. Set up payment reminders. Adjust budget to factor
in all monthly payments. - correct answer Delinquencies/collections/judgments
Pay down debt and keep balances low moving forward. Pay more than minimum. Know what
the balance is and check statements. - correct answer Credit card maxed out/too much debt
Open a credit card account or other line of credit secured card or personal loan. - correct
answer No credit/poor credit/limited credir
Make more than minimum payment to pay down the balances. - correct answer Roger has
maxed out his credit card
Apply for secured credit card to establish history. - correct answer Molly is recent college
graduate trying to apply for her first credit card but has been denied:
Notify credit reporting agencies. - correct answer Chris see that a bankruptcy on his report
actually belongs to his cousin, who has the same name:
,1) You have right to know what is in your file
2) You have the right to dispute incomplete or inaccurate information
3) Access to your file is limited
4) You may seek damages from violators - correct answer Fair Credit Reporting Act (FCRA):
1) You have the right to a free credit report
2) You have the right to place a fraud alert on your credit file
3) Credit card numbers must be truncated so the full number is not visible on receipts - correct
answer Fair and Accurate Credit Transactions Act (FACTA):
1) You can dispute billing errors associated with your credit card account - creditor 30 days to
acknowledge and 90 days to research and make determination
2) - correct answer Fair Credit Billing Act (FCBA):
Which section of a credit repirt will contain employer information? - correct answer personal
information
Which section of the credit report will contain information about a student loan? - correct
answer account information
Which section of a credit report will contain court information such as bankruptcy? - correct
answer Public records
Which section of the credit report will show recent attempts to open a credit card? - correct
answer Inquiries
Which section of a credit report will contain information about how to correct inaccuracies? -
correct answer Consumer rights
Credit history length - correct answer 15% of credit score
Based on types of credit used - correct answer 10% of credit score
New credit - correct answer 10% of credit score based on
Ratio or total credit extended to the amount of credit owed - correct answer amounts owed
Number of recent credit inquiries, as well as new credit accounts - correct answer New credir
Review credit report and dispute inaccuracies. Keep records of dispute information. - correct
answer Incorrect information on credit report
Get current and pay on time going forward. Set up payment reminders. Adjust budget to factor
in all monthly payments. - correct answer Delinquencies/collections/judgments
, Pay down debt and keep balances low moving forward. Pay more than minimum. Know what
the balance is and check statements. - correct answer Credit card maxed out/too much debt
Open a credit card account or other line of credit secured card or personal loan. - correct
answer No credit/poor credit/limited credir
Make more than minimum payment to pay down the balances. - correct answer Roger has
maxed out his credit card
Apply for secured credit card to establish history. - correct answer Molly is recent college
graduate trying to apply for her first credit card but has been denied:
Notify credit reporting agencies. - correct answer Chris see that a bankruptcy on his report
actually belongs to his cousin, who has the same name:
1) You have right to know what is in your file
2) You have the right to dispute incomplete or inaccurate information
3) Access to your file is limited
4) You may seek damages from violators - correct answer Fair Credit Reporting Act (FCRA):
1) You have the right to a free credit report
2) You have the right to place a fraud alert on your credit file
3) Credit card numbers must be truncated so the full number is not visible on receipts - correct
answer Fair and Accurate Credit Transactions Act (FACTA):
1) You can dispute billing errors associated with your credit card account - creditor 30 days to
acknowledge and 90 days to research and make determination
2) Creditors must send billing statements to consumers at least 14 days before the payment is
due - correct answer Fair Credit Billing Act (FCBA):
(FCRA) Fair Credit Reporting Act - correct answer Matt wants to limit his employers access to
his credit report:
(FCRA) Fair Credit Reporting Act - correct answer Peter wants to dispute inaccurate information
in his credit report:
(FCBA) Fair Credit Billing Act - correct answer Amy sees a charge she did not make on her credit
card statement and wants to dispute it:
(FACTA) Fair and Accurate Credit Transaction Act - correct answer Jen has been a victim of
identity theft and wants to place a fraud account on her credit file:
