Credit by Marissa & Eskedar

Credit reports, credit records, and credit worthiness

Credit Record

  • What it is: History of a borrower's responsible payment of debts
  • Why it's important: You can be denied or granted credit based on your credit record
  • Relation to class: We learned that a credit score determines if you get credit and also factors in when getting a job or buying a house

Credit Report

  • What it is: Contains your credit history and information that determines your credit score
  • Why it's important: Companies can see your credit report and decide if you can buy a house or get a job based on your credit score
  • Relation to class: We learned about how important credit reports are. If you have a bad credit report, it can hurt you in the long run by not being able to get a job


  • What it is: An assessment of the likelihood that a borrower will default on his or her debt obligations
  • Why it's important: You need to be a reliable borrower. If you cannot pay back your money on time, it can hurt you in other ways, like not being able to purchase a car
  • Relation to class: We learned in class that we should pay our debt back as soon as possible. If you miss a payment, it can reject you from buying something

Ten different factors on a credit report

  • Name
  • Address
  • Employer
  • Revolving accounts
  • Installment loans
  • Open and closed accounts
  • Account payment history
  • Recent credit and loan applications
  • Collection accounts
  • Public records