Test your knowledge by taking this quiz based on information in this issue

1. Your credit report, which summarizes your history of paying debts and other bills, can be a factor in credit decisions (such as requests for a loan or credit card) but cannot be used in non-credit decisions, such as applications for insurance or an apartment. True or False?

2. Your credit record can affect a bank's decision to approve your loan application but, once you get approved, your credit record cannot affect the interest rate you'd be offered. True or False?

3. Your credit card issuer can raise your interest rate or lower your credit limit if there are signs of trouble in your credit report. True or False?

4. Paying bills late has no effect on your credit record. True or False?

5. Many experts generally suggest that you review your credit report for incorrect or incomplete information about once a year. True or False?

6. If someone steals your identity and runs up a big bill in your name, and the debt ends up on your credit record, there's no need to worry. You cannot be denied a loan or any other opportunity based on this information. True or False?

7. You have the right to stop credit bureaus from providing your name and address to companies that want to solicit you for "pre-approved" offers of credit or insurance. True or False?