Buying a House U5L3 (PF - Ned)

What is a credit check?

• A check to determine how much you can spend

• A blank check from the bank for you to fill out

• When a lender determines your credit worthiness

• A mark next to your name to say you have a credit card

What are the three credit bureaus that generate credit reports?

• Environmental,

  Social,

  Global

• Equity,

  Transportation,

  Experience

• Equifax,

  Transunion,

  Experian

• Equality,

  Extraneous,

  Transatlantic

What does it mean that a credit report is dynamic?

• They have super powers

• They change daily

• They change when you apply for a loan

• They change when lenders update information

What are the five (5) parts of a credit report?

• Personal Information,

  Public Records (bankruptcies),

  Collections,

  Trade lines, and

  Inquiries

• Personal Information,

  Wedding Record,

  Bill Paying,

  school records,

  Job History

• Demographics,

  School Attendance,

  Collections,

  Tax Return, and

  Amount of loans

_______ and _______ are two exampls of trade lines.

(a)  

Credit Reports help lenders determine your creditworthiness, the likelihood that you will pay back the money you have borrowed.

• True

• False

• Not enough information