HUD COUNSELOR EXAM ACTUAL EXAM 200 QUESTIONS
AND CORRECT DETAILED ANSWERS
Which section of a credit repirt will contain employer information? - ANSWER:
personal information
Which section of the credit report will contain information about a student loan? -
ANSWER: account information
Which section of a credit report will contain court information such as bankruptcy? -
ANSWER: Public records
Which section of the credit report will show recent attempts to open a credit card? -
ANSWER: Inquiries
Which section of a credit report will contain information about how to correct
inaccuracies? - ANSWER: Consumer rights
Credit history length - ANSWER: 15% of credit score
Based on types of credit used - ANSWER: 10% of credit score
New credit - ANSWER: 10% of credit score based on
Ratio or total credit extended to the amount of credit owed - ANSWER: amounts
owed
Number of recent credit inquiries, as well as new credit accounts - ANSWER: New
Credit
Review credit report and dispute inaccuracies. Keep records of dispute information. -
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. - 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. - ANSWER: Credit card maxed
out/too much debt
Open a credit card account or other line of credit secured card or personal loan. -
ANSWER: No credit/poor credit/limited credir
,Make more than minimum payment to pay down the balances. - ANSWER: Roger
has maxed out his credit card
Apply for secured credit card to establish history. - ANSWER: Molly is recent college
graduate trying to apply for her first credit card but has been denied:
Notify credit reporting agencies. - 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 - 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 - 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) - ANSWER: Fair Credit Billing Act (FCBA):
Which section of a credit repirt will contain employer information? - ANSWER:
personal information
Which section of the credit report will contain information about a student loan? -
ANSWER: account information
Which section of a credit report will contain court information such as bankruptcy? -
ANSWER: Public records
Which section of the credit report will show recent attempts to open a credit card? -
ANSWER: Inquiries
Which section of a credit report will contain information about how to correct
inaccuracies? - ANSWER: Consumer rights
Credit history length - ANSWER: 15% of credit score
Based on types of credit used - ANSWER: 10% of credit score
New credit - ANSWER: 10% of credit score based on
Ratio or total credit extended to the amount of credit owed - ANSWER: amounts
owed
, Number of recent credit inquiries, as well as new credit accounts - ANSWER: New
credir
Review credit report and dispute inaccuracies. Keep records of dispute information. -
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. - 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. - ANSWER: Credit card maxed
out/too much debt
Open a credit card account or other line of credit secured card or personal loan. -
ANSWER: No credit/poor credit/limited credir
Make more than minimum payment to pay down the balances. - ANSWER: Roger has
maxed out his credit card
Apply for secured credit card to establish history. - ANSWER: Molly is recent college
graduate trying to apply for her first credit card but has been denied:
Notify credit reporting agencies. - 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 - 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 - 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 - ANSWER: Fair Credit Billing Act (FCBA):
(FCRA) Fair Credit Reporting Act - ANSWER: Matt wants to limit his employers access
to his credit report:
(FCRA) Fair Credit Reporting Act - ANSWER: Peter wants to dispute inaccurate
information in his credit report:
AND CORRECT DETAILED ANSWERS
Which section of a credit repirt will contain employer information? - ANSWER:
personal information
Which section of the credit report will contain information about a student loan? -
ANSWER: account information
Which section of a credit report will contain court information such as bankruptcy? -
ANSWER: Public records
Which section of the credit report will show recent attempts to open a credit card? -
ANSWER: Inquiries
Which section of a credit report will contain information about how to correct
inaccuracies? - ANSWER: Consumer rights
Credit history length - ANSWER: 15% of credit score
Based on types of credit used - ANSWER: 10% of credit score
New credit - ANSWER: 10% of credit score based on
Ratio or total credit extended to the amount of credit owed - ANSWER: amounts
owed
Number of recent credit inquiries, as well as new credit accounts - ANSWER: New
Credit
Review credit report and dispute inaccuracies. Keep records of dispute information. -
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. - 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. - ANSWER: Credit card maxed
out/too much debt
Open a credit card account or other line of credit secured card or personal loan. -
ANSWER: No credit/poor credit/limited credir
,Make more than minimum payment to pay down the balances. - ANSWER: Roger
has maxed out his credit card
Apply for secured credit card to establish history. - ANSWER: Molly is recent college
graduate trying to apply for her first credit card but has been denied:
Notify credit reporting agencies. - 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 - 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 - 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) - ANSWER: Fair Credit Billing Act (FCBA):
Which section of a credit repirt will contain employer information? - ANSWER:
personal information
Which section of the credit report will contain information about a student loan? -
ANSWER: account information
Which section of a credit report will contain court information such as bankruptcy? -
ANSWER: Public records
Which section of the credit report will show recent attempts to open a credit card? -
ANSWER: Inquiries
Which section of a credit report will contain information about how to correct
inaccuracies? - ANSWER: Consumer rights
Credit history length - ANSWER: 15% of credit score
Based on types of credit used - ANSWER: 10% of credit score
New credit - ANSWER: 10% of credit score based on
Ratio or total credit extended to the amount of credit owed - ANSWER: amounts
owed
, Number of recent credit inquiries, as well as new credit accounts - ANSWER: New
credir
Review credit report and dispute inaccuracies. Keep records of dispute information. -
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. - 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. - ANSWER: Credit card maxed
out/too much debt
Open a credit card account or other line of credit secured card or personal loan. -
ANSWER: No credit/poor credit/limited credir
Make more than minimum payment to pay down the balances. - ANSWER: Roger has
maxed out his credit card
Apply for secured credit card to establish history. - ANSWER: Molly is recent college
graduate trying to apply for her first credit card but has been denied:
Notify credit reporting agencies. - 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 - 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 - 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 - ANSWER: Fair Credit Billing Act (FCBA):
(FCRA) Fair Credit Reporting Act - ANSWER: Matt wants to limit his employers access
to his credit report:
(FCRA) Fair Credit Reporting Act - ANSWER: Peter wants to dispute inaccurate
information in his credit report:
