Credit Score/ Credit Report

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What is a credit score?

Back

A number assigned to a person that indicates to lenders their capacity to repay a loan.

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Name one of the 3 nationally recognized credit bureaus.

Back

Equifax.

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True or False: A bad credit report cannot affect my chances of getting a job.

Back

False.

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How long are late payments retained on credit reports?

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7 years.

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True or False: Paying my bills late could negatively affect my credit history.

Back

True.

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What is a credit report?

Back

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

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What does a high credit score indicate?

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It indicates a strong ability to repay loans and may lead to better loan terms.

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What is the purpose of a credit bureau?

Back

To collect and maintain consumer credit information and provide it to lenders.

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True or False: Checking your own credit report can lower your credit score.

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False.

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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, and new credit inquiries.