Credit Report
What is a credit report?
A document that contains your credit history, your track record of paying your debts.
What is a credit report?
A number based on info on credit reports.
350-850
What's the percentage of credit mix?
10%
What's listed on your credit report?
ID information
Debts and some bills
Public records
Inquiries
Define "Credit Invisible"
Having NO credit report nor credit score.
True or False: When applying for a job, the employer can check your credit history and/or your credit score.
True.
What's the percentage of length of credit history?
15%
What are the three credit agencies?
Two significant factors that affect your credit scores.
1. Whether debts repaid on time and as agreed.
2. Credit utilization rate
Names of the two producers of credit scores?
1. FICO
2. VantageScore
What's the percentage of amounts owed?
30%
What does your credit report/score tell lenders about you?
Predicts likelihood of paying back the money borrowed.
What's the percentage of payment history?
35%
Who uses credit reports and scores? (four examples)
Financial institutions, landlords, utility companies, cell phone companies, insurance companies, employers.
What is the credit utilization rate (percentage)?
30%
What does FICO stand for?
Fair Isaac Corporation
What's the percentage of new credit?
10%