Fannie Mae Foundation: How to Buy a Home

Note to the teacher:
You can use this true and false questionnaire to teach important information about credit reports as well as to prompt discussion about the role of building credit and credit checks in the home-buying process.

The information is taken from How to Buy Your Own Home, Lesson 3 “Your Credit Report” (click here for ABE or ESL) and “100 Questions and Answers About Buying a new Home,” HUD Brochure.

Handout: True and False Questionnaire: Credit Reports

Lavaun Moulten, San Diego Community College, San Diego, CA

	TRUE	FALSE
1. Your credit report is a history of the way an individual pays his/her debt.
2. There are three major credit reporting bureaus.
3. It is a good idea to get a credit report from each of the three major credit companies.
4. The credit reports always show accurate information about your credit history.
5. Lenders want to see a history of paying bills on time.
6. If an individual finds simple errors on a credit report, the mistakes should be pointed out to the credit reporting agency.
7. It is probably a good idea to get a credit report at least every five years.
8. A credit report helps the lender determine the ability of an individual to repay a loan.
9. Names of credit reporting agencies can be found in the yellow pages.
10. A credit report shows amount of money an individual owes and length of time that money has been owed.
11. The fees charged for a credit report by credit reporting agencies are the same.
12. A credit report shows both present and past addresses.

Answers: 1. True 2. True 3. True 4. False 5. True 6. True 7. True 8. True 9. True 10. True 11. False 12. True

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