The opportunity to borrow money. Receive purchase now and pay in 30 days cycles with interest until loan is paid off.
What is credit?
100
1. Your contract
2. Your credit history
What is the two factors that decide interest rate?
100
reporting agency used by 90% of top lenders use this score.
What is FICO?
200
coded plastic card issued by a bank, or credit business. Authorizing the holder to purchase goods or services.
What is a credit card?
200
A federal law governing the activities of credit bureaus and creditors. It requires creditors to furnish accurate and complete information to borrowers. It also lets consumers correct credit
What is the Fair Credit Reporting Act?
200
Equifax, Trans Union, and Experian. They report your activity. Bill was paid off, paid late, There was credit check ran, etc.
What is the three credit bureaus?
300
Report on purchases and payments
What is a credit report?
300
By law you can get 1 credit report a year for free. Co. will try to sell this to you!
What is free of charge with FICO?
400
Record of past borrowing. Holder is issued a score on how well they pay bills (on time and do they pay them off).