Understanding Credit Reports and Scores

The video tutorial explains how to read credit reports, detailing the information they contain, such as personal data, employment history, and credit scores. It also covers the duration for which negative information and bankruptcies remain on a credit report, highlighting that negative information lasts for seven years, while bankruptcies can last for ten years.

What is the primary purpose of a credit report?

• To calculate a person's annual income

• To list all the properties owned by a person

• To provide a summary of a person's credit history

• To track a person's employment history

Which of the following is NOT typically included in a credit report?

• Personal information

• Credit card details

• Employment history

• Medical history

What is considered a good credit score?

• 600 to 700

• 500 to 600

• 700 or higher

• Below 500

How long can negative information remain on your credit report?

• 3 years

• 5 years

• 7 years

• 10 years

What is the exception to the 7-year rule for negative information on credit reports?

• Closed accounts

• Unpaid credit card bills

• Bankruptcies

• Late payments