Credit Reports

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What is a credit report?

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A credit report is a detailed record of an individual's credit history, including information about credit accounts, payment history, and public records such as bankruptcies.

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True or False: Not paying rent can affect your credit report.

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True

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How often can you request a free credit report from each of the primary credit bureaus?

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Once a year.

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What events can trigger the creation of a credit report?

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Declaring bankruptcy, taking out a student loan, and borrowing money from a company.

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Why is it important to review your credit report annually?

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To guard against identity theft and ensure the accuracy of the information.

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What is a credit inquiry?

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A credit inquiry occurs when a person or company checks your credit report to make a lending decision.

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What information is typically included in a credit report?

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Credit accounts, payment history, credit inquiries, and public records.

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What is the impact of a late payment on your credit report?

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Late payments can negatively affect your credit score and remain on your report for up to seven years.

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What is the difference between a hard inquiry and a soft inquiry?

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A hard inquiry occurs when a lender checks your credit for lending purposes, while a soft inquiry is a check that does not affect your credit score, such as a background check.

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What is a credit score?

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A credit score is a numerical representation of your creditworthiness, based on the information in your credit report.