HUD Exam; Questions and Answers 100%
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Telephone Customer Services: correct answerAssistance provided by the
financial institution over the
phone to help customers with banking complications.
Mobile Banking: correct answerAllows clients to utilize banking services with
mobile tech...
Telephone Customer Services: correct answerAssistance provided by the
financial institution over the
phone to help customers with banking complications.
Mobile Banking: correct answerAllows clients to utilize banking services with
mobile technology.
Services often included in mobile banking include a view of up-to-date
transactions, fund transfers, or
remote check deposits.
Overdraft Fee correct answerFee charged when an account does not have
enough money to cover a
purchase and the financial institution loans money to complete the payment.
This creates a negative
loan to repay, and interest will be charged on the balance.
Portion of score based on the number of recent credit inquiries, as well as new
credit correct
, HUD Exam; Questions and Answers 100%
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answer10% New Credit
Negative type of credit used: correct answerFewer types of credit show limited
profile information to
lenders, which means a
higher risk
Tracking income correct answer• Regular salary
• Temporary jobs
• Unemployment compensation • Public assistance
In the budget, do not include. correct answer• Pre-tax payroll deductions—
Retirement fund
contributions and expenses like Flexible Spending Account
Credit score
Credit reports can be useful with budgeting - T/F correct answerTrue
items to use when budgeting correct answer- Paychecks, direct deposit slips
, HUD Exam; Questions and Answers 100%
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• If self-employed, income and expenses sheet
• Additional income checks or cash
• Government benefits letters (SSI, unemployment, etc.)
Documents to use when budgeting correct answerUtility, insurance, and other
bills
• Bank statements
• Credit card statements •
--Records about car registration or school supplies for estimated amount of
expected periodic expense
A credit report contains information correct answer• History of accounts.
• Number of inquiries.
• Number of collections.
credit report overview correct answer1. Personal Information
2. Account/Trade Line Information
, HUD Exam; Questions and Answers 100%
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3. Public Records
4. Inquiries
5. Consumer Rights
personal information on credit info correct answerConsumer identification
information, including name,
social security number, addresses, phone numbers, and employers
Account/Trade Line Information on credit info correct answerInformation about
each consumer credit
account, including payment history, account dates, credit limits, and balances
owed
Public Records on credit info correct answerItems that are listed in the public
record, including
bankruptcy, judgments, tax liens, and wage garnishments
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