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 outstanding debts.

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What is included in a credit history?

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

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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, typically ranging from 300 to 850.

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What factors can affect your credit score?

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

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What is a lender?

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

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CCSS.RI.4.5

CCSS.RI.5.5

CCSS.RI.6.5

CCSS.RI.7.5

CCSS.RI.8.5

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What is a borrower?

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

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CCSS.RI.5.3

CCSS.RI.6.3

CCSS.RI.6.5

CCSS.RI.7.3

CCSS.RI.7.5

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What does it mean to default on a loan?

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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.

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What is the difference between secured and unsecured loans?

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

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What is a late payment?

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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

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What information does NOT appear on a credit report?

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Debit card balances do not appear on a credit report.