About Homeownership
Freddie Mac's Online Guide to the Homebuying Process
Credit and Homeownership Knowledge Check
How well do you know your credit facts? Take our quiz and find out.
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True or False: Your credit report will only list debts that you currently have.
That's correct. Your credit report will list other debts that you have had in the past, even if they are paid off.
That's incorrect. Your credit report will list other debts that you have had in the past, even if they are paid off.
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Except for bankruptcy and unpaid tax liens, how long will other poor or bad credit information remain on your credit report?
That's correct. Poor credit information will remain on your credit report for 7 years. Bankruptcy information will remain for 10 years and unpaid tax liens for 15 years.
That's incorrect. Poor credit information will remain on your credit report for 7 years. Bankruptcy information will remain for 10 years and unpaid tax liens for 15 years.
That's incorrect. Poor credit information will remain on your credit report for 7 years. Bankruptcy information will remain for 10 years and unpaid tax liens for 15 years.
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True or False: Any credit grantor with a permissible purpose may access your credit information, even without your permission.
That's correct. Examples of those who can access your credit files are credit grantors, collection agencies, insurance companies, and employers.
That's incorrect. Examples of those who can access your credit files without your permission are credit grantors, collection agencies, insurance companies, and employers.
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Which statement is NOT a tip for establishing or maintaining good credit?
That's correct. Applying for a credit card will not hurt your credit, however applying for several at the same time might.
That's incorrect. Paying on time is an important part of good credit.
That's incorrect. Keeping your credit card balances low is an important part of good credit.
That's incorrect. Paying at least the minimum due is an important part of good credit.
