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Understanding Credit Reports: Your Guide to Borrowing History

A credit report is a comprehensive record of an individual's or company's borrowing and repayment history. It includes details about loans, credit cards, payment history, and outstanding debts. A good credit report is essential for securing loans, mortgages, and favorable interest rates. By regularly reviewing your credit report, you can ensure its accuracy and maintain a healthy financial profile. Understanding your credit report is crucial for making informed financial decisions.

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Understanding Credit Reports: Your Guide to Borrowing History

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  1. Credit Reports

  2. What is a Credit Report?
  3. What is a Credit Report? Credit Report: A record of past borrowing and repayment of debts
  4. What is a Credit Report? Credit Report: A record of past borrowing and repayment of debts - Both individuals and Companies
  5. What is a Credit Report? Credit Report: A record of past borrowing and repayment of debts - Both individuals and Companies - Includes late payments and bankruptcies Used by banks, stores, and credit card companies for deciding to extend credit
  6. What appears on a Credit Report? Initial Loan Amounts Borrowing Limits Current Balances Types of Credit Payment History Opening Date of Credit Recent Credit Inquiries When & Who Late Payments Bankruptcies (7 years) Previous Names and Addresses
  7. Credit Scores:
  8. Credit Scores: Range from 300 to 850
  9. Credit Scores: Range from 300 to 850 A “good” credit score is considered to be anything over 760 3 Different reporting agencies: TransUnion Equifax Experían
  10. DON’T FALL FOR THE ADS!! Most “Free” Credit Reports are NOT free! The only website that provides free credit reports is: www.annualcreditreport.com - Can obtain a report from each agency once per year
  11. What Hurts a Credit Score?
  12. What Hurts a Credit Score? Bankruptcies Collections Late Payments High Revolving Credit Balances High debt level Having only one type of debt Short credit history * Frequent credit inquiries
  13. Who Uses Credit Scores?
  14. Who Uses Credit Scores? Lenders Stores Credit Card Companies Insurance Companies Landlords Employers
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