Credit report
What types of companies look at your credit report
landlords,empolyers,credit card companies , etc .
what are some factors taken into account when calculating a credit score are ?
amount owed,new credit,types of credit .
High credit better than low credit .
true
What reasons might an 18-year-old have for his/her thin file?
They have never applied for credit
What are the main sections of your credit report .
public records,credit history,credit inquires.
what is the minimum of a credit score .
300
What does it mean to have “prime credit”?
You have a credit score of 720 or above .
How could you find out whether your credit card company or loan service provider offers free credit scores?
You could do research online and consult the NerdWallet list.
Why is it so important for your credit report to be completely accurate?
If there is an error on your credit report, you are more likely to have higher interest rates .
what is the maximum of a credit score
850
what are some factors taken into account when calculating a credit score are ?
amount owed,new credit,types of credit .
When it comes to credit scores, why is having a thin file NOT an asset?
If you do not have a credit score, no one can assess your creditworthiness,
How long do financial records remain on your credit report?
7 to 10 years
What is the catch with services promoting a “free credit score?”
a monthly fee .
A few late payments won't affect your credit score
true
How would you summarize the restrictions on denying credit?
They are not allowed to deny you credit based on personal information
All of the following are factors that affect your credit score EXCEPT…
Whether your credit is with Visa or Mastercard
Checking your credit report will hurt your score.
false
What challenges might people living in a county or state with a high concentration of subprime scores be facing as a result of the low credit scores?
High amounts of debt