Test your Financial Knowledge

1. True or False: The typical payday loan has an annual interest rate of 391-521%.
+ Answer

True!
Facts about payday loans (for more information visit http://www.responsiblelending.org)

2. What is the difference between a credit score and a credit report?
+ Answer

A credit score is like a grade and a credit report is like a report card. A credit report contains the details of all the credit decisions you have made in the past. Loans, open credit cards, and all line of credit along with dates were opened are on the report. It also outlines how much you owe. A credit score is like a grade on your credit report.
Credit score vs. credit report (for more information visit https://www.wellsfargo.com)

3. How often should you check your credit report?
+ Answer

At least once a year.
Consumer Financial Protection Bureau (for more information visit http://www.consumerfinance.gov)

4. What is the highest form of initial contact for fraud?
A. Mail B. Email C. Internet Site
+ Answer

B. Email. Make sure to always verify who your email is coming from before opening links!
Credit card statistics (for more information visit http://www.creditcards.com)

5. How long should you be able to live on your emergency savings?
A. 1-3 months B. 3-6 months C. 6-9 months
+ Answer

B. 3 to 6 months! These savings should be able to cover emergency car bills, rent, etc.
Emergency savings (for more information visit http://dfi.wa.gov)

6. True or False: Your credit score has no impact on your insurance rate?
+ Answer

False!
Insurance Information Institute (for more information visit http://www.iii.org)

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