Credit Score/ Credit Report

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What is a credit report?

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A credit report is a detailed report of an individual's credit history, including personal information, credit accounts, payment history, and credit inquiries.

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True or False: A credit report contains my personal information such as my address and social security.

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True

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Which of the following is TRUE about a credit report? You can get a copy of your credit report for free.

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True

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What is the impact of numerous credit applications in a short period of time?

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Negative Impact

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What is considered an exceptional credit score?

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813

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What is the most common credit scoring system?

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FICO

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What factors can affect your credit score?

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Payment history, credit utilization, length of credit history, types of credit used, and new credit inquiries.

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What is a credit score?

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A credit score is a numerical representation of a person's creditworthiness, typically ranging from 300 to 850.

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What does a high credit score indicate?

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A high credit score indicates a lower risk to lenders, making it easier to obtain loans and credit.

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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 credit history to assess their creditworthiness.