Understanding Credit Reports

What is a credit report?

• A credit report is a list of all the loans a person has taken out.
• A credit report is a summary of an individual's bank account balance.
• A credit report is a detailed record of an individual's credit history.
• A credit report is a document that shows a person's employment history.

Who looks at/requests a credit report?

• Doctors and healthcare providers
• Lenders, landlords, employers, and insurance companies.
• Retailers and grocery stores
• Public transportation services

How are a credit report and a credit score related?

• A credit score is the only factor in determining loan eligibility.
• A credit report is generated only once a year.
• A credit score is a detailed summary of all financial transactions.
• A credit report contains the data used to calculate a credit score.

How are a credit report and a credit score different?

• A credit report is a summary of income, while a credit score is a detailed history of credit activity.
• A credit report is a detailed history of credit activity, while a credit score is a numerical summary of creditworthiness based on that history.
• A credit report is only for loans, while a credit score applies to all financial transactions.
• A credit report is a single number, while a credit score is a comprehensive document.

Why should you check your credit report?

• To increase your credit score immediately.
• You should check your credit report to ensure its accuracy and protect against identity theft.
• To apply for new credit cards.
• To find out your loan eligibility.

What are the three major credit bureaus?

• FICO, VantageScore, Credit Sesame
• Experian, TransUnion, Equifax
• Chase, Bank of America, Wells Fargo
• Credit Karma, Mint, NerdWallet

How often can you access your credit report?

• You can access your credit report for free once a year from each of the three major credit bureaus.
• You can access your credit report for free every five years.
• You can only access your credit report if you have a loan.

What is the Fair Credit Report Act?

• A policy for managing employee benefits.
• A guideline for personal savings accounts.
• A law that regulates the sale of real estate.
• The Fair Credit Reporting Act is a federal law that governs the collection and use of consumer credit information.