Credit Reports

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What is a credit report?

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A credit report is a detailed record of a person's credit history, including their borrowing and repayment activities.

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Why are credit reports important to lenders?

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Credit reports help lenders assess the risk of lending money to a borrower by showing their financial habits.

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What does a credit report reflect?

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It reflects the financial habits of an individual over time.

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What can negatively affect your credit history?

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Late payments, high credit card balances, and defaults on loans can negatively affect your credit history.

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What is a credit score?

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A credit score is a numerical representation of a person's creditworthiness, based on their credit report.

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True or False: Credit reports are used to determine a person's eligibility for employment.

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False, credit reports are primarily used for lending decisions.

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What happens if you routinely pay your bills late?

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Routinely paying bills late can lead to a negative impact on your credit history.

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What information is included in a credit report?

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A credit report includes personal information, credit accounts, payment history, and public records.

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How often can you check your credit report for free?

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You can check your credit report for free once a year from each of the three major credit bureaus.

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What is the role of credit bureaus?

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Credit bureaus collect and maintain consumer credit information and provide credit reports to lenders.