DOL - Credit Reports 6.14EF

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What is a credit report?

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A credit report is a detailed record of an individual's credit history, including information about credit accounts, payment history, and any bankruptcies.

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How long do credit inquiries stay on a credit report?

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Credit inquiries typically remain on a credit report for 2 years.

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What type of information is NOT included in a credit report?

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Medical history is not included in a credit report.

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What is the typical duration for negative information to remain on a credit report?

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Negative information usually stays on a credit report for 7 to 10 years.

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What does a closed account in good standing indicate?

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A closed account in good standing indicates that the account was paid off as agreed and has no outstanding balance.

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What is the significance of late payments on a credit report?

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Late payments can negatively impact a credit score and remain on a credit report for up to 7 years.

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What information can be found in a credit report?

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A credit report can include the names of creditors, account balances, payment history, and any bankruptcies.

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What is a bankruptcy?

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Bankruptcy is a legal process that allows individuals to eliminate or repay their debts under the protection of the bankruptcy court.

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What is the purpose of a credit report?

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The purpose of a credit report is to provide lenders with information about a borrower's creditworthiness.

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What does it mean to have a good credit score?

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A good credit score indicates that a borrower is likely to repay their debts on time, making them more attractive to lenders.