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Credit Report & Score Guide

A credit report details an individual's loan and credit card payment history and is used by lenders to determine creditworthiness. A credit score, which ranges from 300 to 850, is calculated based on payment history (35%), amounts owed (30%), length of credit history (15%), new credit (10%), and credit mix (10%). The three major credit reporting agencies that provide credit reports are Equifax, Experian, and TransUnion. Regularly checking your credit reports helps ensure accuracy and monitor for potential identity theft.

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261 views1 page

Credit Report & Score Guide

A credit report details an individual's loan and credit card payment history and is used by lenders to determine creditworthiness. A credit score, which ranges from 300 to 850, is calculated based on payment history (35%), amounts owed (30%), length of credit history (15%), new credit (10%), and credit mix (10%). The three major credit reporting agencies that provide credit reports are Equifax, Experian, and TransUnion. Regularly checking your credit reports helps ensure accuracy and monitor for potential identity theft.

Uploaded by

api-297135307
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd

1. What is a credit report and why is it important to you?

A detailed report of an individuals


credit history prepared by a credit bureau and used by a lender in determining a loan
applicant's creditworthiness
2. How is a credit score determined?
Measure that is most commonly used by lenders to determine the risk involved in a particular
loan.
3. What are the ranges of credit scores?
bad 300-640 fair 640-680 good 680-720 best 720-850
4. How is the credit score broken down? Please give the percentages.
5. List the five levels of credit scores and write a sentence describing each one.
6. What are the three credit reporting agencies?
7. How often should you check your credit reports?
8. What are some tips that can help students establish a sound credit history?
9. Who is allowed to see your credit reports? Why do they need to see the reports?
10. What are some procedures to get a credit score corrected? List them.

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