Credit Records and Reports

Kailey Rait and Eli Monroe

How important is it?

In order to get any loans, you need to have a good credit rating or report.

What is a credit record or report?

A credit history or record is data of a borrowers responsible repayment of debts and a record of the borrowers credit history from a number of sources, including banks, credit card companies, collection agencies and governments. A credit report contains your credit history as reported to the credit reporting agency by lenders who have extended credit to you. The information in your credit report is also used to generate credit scores.
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What is Creditworthiness?

An assessment of the likelihood that a borrower will default on his or her debt obligations. It is based upon factors, such as their history of repayment and credit score.

10 things located on a credit report.

  1. Your name and address
  2. Address
  3. Social Security number
  4. Date of birth
  5. Previous and current employment information
  6. Accounts
  7. Installment loans
  8. Open and closed account
  9. Recent credit and loan applications
  10. Bankruptcies, repossessions, and foreclosures.