Negative financial information can stay on your credit report for a2 years b5 years c7 years d

What information is not included in a credit report?A.Open and closed credit accountsB.Race or ethnicityC.Credit balancesD.Employment historySUBMITarrow_backPREVIOUS

A credit report is a detailed record of credit and financial transactions. The information from a credit report is used to calculate a credit score, which is used to determine a borrower’s risk. True False

Cutoff tests designed to detect credit sales made before the end of the year that have been recorded in the subsequent year provide assurance about management's assertion ofSelect one:a.presentationb.rightsc.completenessd.existence

The format of income statements that report results for more than one year is referred to as

Quick quiz – True/False ◼ Credit has the potential to encourage overspending and ties up future income. ◼ With open-end credit, the borrower pays back a onetime loan in a specified period of time and with a specified number of payments. ◼ With closed-end credit, the borrower is permitted to take loans on a continuous basis and is billed for partial payments periodically. ◼ The finance charge only includes the interest charge, and excludes fees and charges. ◼ Credit information from a credit rating agency can be obtained by anyone on themselves or anyone else online ◼ Bankruptcy should be regarded as a last resort because of the severe consequences