| A | B |
|---|
| Defition of a credit report | A credit report is an accumulation of information about how you pay your bills and repay loans |
| Another name for a credit bureau | Credit reporting agency |
| What 5 pieces of information does your credit report include | Personal identifying information Credit history Public records Report inquiries Dispute statements |
| 3 items that might be in the credit history section of a credit report | Bill-paying history Information about each account you have If there were missed or late payments |
| 3 items that might be in the public records section of a credit report | tax liens court judgments bankruptcies |
| Name 3 things a credit report will not contain | race religion health criminal records income |
| What does a credit score represent? | This score essentially boils down all of the information in your credit report to a single three-digit number |
| A credit score ranges from what number to what number? | 300 to 850 |
| What does a higher credit score represent? | the higher score indicates a better credit risk |
| The 3 major credit reporting agencies | experian, trans union, expedia |
| This is who reports your credit transactions to the credit reporting agencies | merchants or creditors you deal with |
| The number of inquiries on your credit report that may raise a red flag with creditors | 10 credit card inquiries in six months |
| Most credit inquiries drop off of your credit report after this many years? | Most inquiries drop off of your report after two years |
| True-False. Accounts you don’t use still count toward your total available credit. | True |
| Do this with the accounts you don’t use | close the accounts you don't use |
| You must do this to actually close your account | You have to call or write to the card company and ask to close the account |
| Missed payment stay on your credit report for this many years | These delinquencies stay on your report for seven years |
| True or False. Maxed out credit lines do not bother lenders. | False |
| These inquiries don’t show up on the reports that lenders see, and therefore don’t affect how they view your credit | Soft inquiries |
| These inquiries may wrongly imply to creditors that you’re either in some financial situation | Hard inquiries |
| 4 people who might look at your credit report | businesses, lenders, landlords, employers, credit card companies |
| How often are you entitled to a free credit report? | Once every 12 months |
| This is how long bankruptcies can stay on your credit report. | 10 years |
