Future Business Leaders of America (FBLA) Agribusiness Practice Test

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What are credit references?

  1. Companies that issue credit cards

  2. Individuals who can provide information about someone's credit history

  3. Loans taken from banks by individuals

  4. Insured accounts at financial institutions

The correct answer is: Individuals who can provide information about someone's credit history

Credit references are individuals who can provide information about someone's credit history, including their reliability in paying back loans, outstanding debts, and overall financial behavior. These references can be personal contacts or professional relationships who are familiar with an individual's financial responsibility. They serve as a way for lenders or financial institutions to assess the risk of lending money or extending credit to a person. In essence, credit references help establish a person's creditworthiness based on the experiences of others who are acquainted with their financial habits. This information is vital for lenders to make informed decisions about credit applications.

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