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Flashcards in Credit Report and Scores Deck (11):
1

What is a credit report?

A report that shows how you and borrowed and repaid debts

2

What main items are included on a credit report?

Details such as accounts open and payment history, public records, inquiries, name, address, liens, foreclosures

3

What is the difference between a soft and hard inquiry?

Soft - happens when creditors look at your report for promotional purposes. Hard- Creditors that have requested your report after you applied for credit with them.

4

What is a credit score?

A number which summarizes a person's credit history and gives companies an indication of their credit risk.

5

What are agencies that provide lenders with financial information on credit applicants?

Credit Bureaus

6

Which component of a credit score will carry the most weight?

Payment history - 35%

7

The amount of outstanding debt on a credit card as compared to the card's credit limit is?

Credit utilization ratio

8

How long does negative information remain on your credit report (except for bankruptcy)?

7 years

9

Which website provides a person a free credit report?

www.annualcreditreport.com

10

Can an insurance company have access to a person's credit report?

Yes

11

What is a very good FICO score?

750 and above