Tanya has taken out several different forms of credit over the last 20 years. She hasnt always been on time with her payments. With the death of her husband 3 years ago, finances have not been easy. She filed bankruptcy a year ago and is slowly working to rebuild her credit. What credit score does she likely have?

CREDIT

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Tanya has taken out several different forms of credit over the last 20 years. She hasn’t always been on time with her payments. With the death of her husband 3 years ago, finances have not been easy. She filed bankruptcy a year ago and is slowly working to rebuild her credit. What credit score does she likely have?

A	above 700
B	500-599
C	around 600
D	None of the above

Explanation:

Detailed explanation-1: -Bankruptcies can stay on your report for up to ten years. Even though the credit reporting companies usually won’t report this negative information after the seven year limit, they still may keep your information on file. There are certain instances where they will report it.

Detailed explanation-2: -You have the right to request one free copy of your credit report each year from each of the three major consumer reporting companies (Equifax, Experian and TransUnion) by visiting AnnualCreditReport.com. You may also be able to view free reports more frequently online.

Detailed explanation-3: -If you have a credit card or a loan from a bank, you have a credit history. Companies collect information about your loans and credit cards. Companies also collect information about how you pay your bills. They put this information in one place: your credit report.

Detailed explanation-4: -Revolving credit is a credit line that remains available even as you pay the balance. Borrowers can access credit up to a certain amount and then have ongoing access to that amount of credit. They can repay the balance in full, or make regular payments.

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ECONOMICS (CBSE/UGC NET)

ECONOMICS

CREDIT