Credit Reports. What is a Credit Report? Credit Report: A record of past borrowing and repayment of debts.

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Presentation transcript:

Credit Reports

What is a Credit Report?

Credit Report: A record of past borrowing and repayment of debts

What is a Credit Report? Credit Report: A record of past borrowing and repayment of debts - Both individuals and Companies

What is a Credit Report? Credit Report: A record of past borrowing and repayment of debts - Both individuals and Companies - Includes late payments and bankruptcies Used by banks, stores, and credit card companies for deciding to extend credit

What appears on a Credit Report? Initial Loan Amounts Borrowing Limits Current Balances Types of Credit Payment History Opening Date of Credit Recent Credit Inquiries – When & Who Late Payments Bankruptcies (7 years) Previous Names and Addresses

Credit Scores:

Range from 300 to 850

Credit Scores: Range from 300 to 850 A “good” credit score is considered to be anything over Different reporting agencies: – TransUnion – Equifax – Experían

DON’T FALL FOR THE ADS!! Most “Free” Credit Reports are NOT free! The only website that provides free credit reports is: - Can obtain a report from each agency once per year

What Hurts a Credit Score?

Bankruptcies Collections Late Payments High Revolving Credit Balances High debt level Having only one type of debt Short credit history * Frequent credit inquiries

Who Uses Credit Scores?

Lenders Stores Credit Card Companies Insurance Companies Landlords Employers