Credit Reports

Front

What is a credit report?

Back

A credit report is a detailed record of an individual's credit history, including information about credit accounts, payment history, and outstanding debts.

Front

What is included in a credit history?

Back

Credit history includes information such as late payments, credit accounts, and the total amount of debt.

Front

What is a credit score?

Back

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

Front

What factors can affect your credit score?

Back

Factors include payment history, credit utilization, length of credit history, types of credit used, and recent credit inquiries.

Front

What is a lender?

Back

A lender is a person or financial institution that provides funds to borrowers with the expectation of being repaid with interest.

Tags

CCSS.RI.4.5

CCSS.RI.5.5

CCSS.RI.6.5

CCSS.RI.7.5

CCSS.RI.8.5

Front

What is a borrower?

Back

A borrower is an individual or entity that receives funds from a lender with the agreement to repay the borrowed amount, usually with interest.

Tags

CCSS.RI.5.3

CCSS.RI.5.5

CCSS.RI.6.3

CCSS.RI.6.5

CCSS.RI.7.3

Front

What does it mean to default on a loan?

Back

Defaulting on a loan means failing to repay the loan according to the agreed terms, which can lead to legal action and damage to credit scores.

Front

What is the difference between secured and unsecured loans?

Back

Secured loans are backed by collateral (like a house), while unsecured loans are not backed by any collateral.

Front

What is a late payment?

Back

A late payment occurs when a borrower fails to make a payment by the due date, which can negatively impact their credit score.

Tags

CCSS.RI.4.5

CCSS.RI.5.5

CCSS.RI.6.5

CCSS.RI.7.5

CCSS.RI.8.5

Front

What information does NOT appear on a credit report?

Back

Debit card balances do not appear on a credit report.