Credit Reports 22

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 any negative items like bankruptcies or foreclosures.

Front

Where do foreclosures appear on a credit report?

Back

Foreclosures appear in the 'Potentially negative items' section of a credit report.

Tags

CCSS.RI.5.5

CCSS.RI.6.3

CCSS.RI.6.5

CCSS.RI.7.3

CCSS.RI.7.5

Front

True or False: Paying cash for all purchases helps build a positive credit history.

Back

False. To build a positive credit history, you need to use credit responsibly and make timely payments.

Tags

CCSS.RI.5.5

CCSS.RI.6.3

CCSS.RI.6.5

CCSS.RI.7.3

CCSS.RI.7.5

Front

What happens if you don't pay your rent?

Back

If you don't pay your rent, it can show up on your credit report as a negative item.

Tags

CCSS.RI.5.3

CCSS.RI.6.3

CCSS.RI.6.5

CCSS.RI.7.3

CCSS.RI.7.5

Front

Who is a lender?

Back

A lender is a bank, financial institution, or person that provides money to borrowers with the expectation of being paid back.

Tags

CCSS.RI.6.2

CCSS.RI.7.2

CCSS.RL.6.1

CCSS.RL.7.1

CCSS.RL.7.2

Front

True or False: A credit report determines if a lender will allow you to borrow money.

Back

False. A credit report provides information, but the lender makes the final decision.

Tags

CCSS.RI.5.5

CCSS.RI.6.3

CCSS.RI.6.5

CCSS.RI.7.3

CCSS.RI.7.5

Front

What is a credit inquiry?

Back

A credit inquiry is a request by a lender to check your credit report when you apply for credit.

Front

What is the significance of payment history in a credit report?

Back

Payment history is crucial as it shows whether you have paid your bills on time, which affects your credit score.

Front

What are accounts in good standing?

Back

Accounts in good standing are credit accounts that are current and have no late payments.

Tags

CCSS.RI.5.5

CCSS.RI.6.5

CCSS.RI.7.5

CCSS.RI.8.5

CCSS.RI.9-10.5

Front

What does it mean to have a negative item on a credit report?

Back

A negative item indicates a missed payment, foreclosure, or bankruptcy that can lower your credit score.