Download - Understanding Credit Reports. The first question one should ask is… What is a credit report?
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UnderstandingCredit Reports
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The first question one should ask is…
What is a credit report?
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A credit report is a record of a person’s or company's past borrowing and repaying history.
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Why should you care?
• Because credit report is what determines whether or not you should be allowed to get credit cards, loans, and how much interest you should be charged.
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Two questions you should ask are…
• Where do you get the credit report from?
• How does it work?
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There are three main sources that provide credit reports.
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• High credit score means that you are trustworthy enough to get a loan or credit card.
• It also means that you will get lower interest rates.
• Low credit score means that you are not trustworthy to get a loan or credit card.
• It also means that you will get higher interest rates.
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The next question you should ask is…
• What information is given in the credit report?
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• Your name or names• Birthdate• SSN• Current and former addresses• Current employer• Fraud Alerts• Bankruptcies• Litigations• Open and closed accounts• # of credit inquiries• Credit score
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Credit Score Range• Excellent Credit Score: 800 and Higher• Very Good Credit Score: 700 – 799• Good Credit Score: 680 – 699• OK or Fair Credit Score: 620 -679• Poor Credit Score: 580 – 619• Bad Credit Score: 500 – 579• Very Bad Credit Score: 499 and Lower
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Take care of your credit score and it will take care of you…
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Neglect it and it will hurt you financially…