University:
Massachusetts Institute of Technology
Course:
15.010 | Economic Analysis for Business Decisions
Academic year:

2022
Views:

355

Pages:

2
Author:

Edgar Rowe

1. This is the credit report for how many people? a. 1 b. 2 c. 3 d. 4 2. How long of a mortgage did Lillie take out? a. 40 months b. 5 years c. 30 years d. 360 years 3. Which statement about Lillie’s mortgage is FALSE? a. She currently owes $360,595 b. She started paying this mortgage in November 2012 c. She makes more than the monthly minimum payment d. She is on-time with all of her payments 4. What accounts does Lillie T. Lane have open at this time? a. One mortgage b. One mortgage and one credit card c. One mortgage and two credit cards d. One mortgage, two credit cards, and one bank account 5. What is the credit limit on Lillie’s First USA Bank credit card? a. $1,684 b. $2,695 c. $5,500 d. $8,850 6. What was the highest balance Lillie had on her credit card? a. $1,684 b. $2,695 c. $5,500 d. $8,850 7. Which statement is true about Lillie’s past due account(s)? a. She’s 30 days overdue, by $50, on 1 account b. She’s 30 days overdue, by $50, on 1 account AND she’s 60 days overdue, by $50, on a second account c. She’s 60 days overdue, by $50, on 1 account d. She’s 90 days overdue, by $50, on 1 account 8. How many months did Lillie make on-time payments for her line of credit at Astoria Federal Savings? a. 29 b. 39 c. 40 d. You cannot tell from this credit report 9. According to this credit report, how many accounts has Lillie had sent to collections? a. 0 b. 1 c. 2 d. 3 10. When did Lillie allow an external company access to her credit report speciﬁcally for an auto loan? a. 5/10/2015 b. 6/5/2015 c. 12/15/2016 d. 5/10/2017 Part II: What Did You Learn? Use what you learned from analyzing the credit report to answer this question. 11. A friend of yours is graduating college next month. He has had a credit card and student loans for the past few years, but he’s never bothered to check his credit report. a. Why is it vital that your friend reviews his credit report? How soon would you recommend he does so and why? Identify errors or discrepancies: Reviewing the credit report allows your friend to identify any errors, such as incorrect personal information or accounts that do not belong to him. These errors can negatively impact his credit score and future ﬁnancial opportunities. b. Which sections of information in his credit report should he pay particular attention to given his situation? Credit Inquiries: When he sought for credit, he should go over the portion that details all of the questions that lenders asked. Inquiries that are unfamiliar may indicate possible identity theft or improper credit applications.