What is a credit report?
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1 What is a credit report?
2 What is a credit report? A database that provides a summary of information about a person and their use of different types of credit. Credit reports are created by credit agencies or bureaus and are used by lenders, insurance companies, landlords to assess the credit history of individuals and businesses.
3 What is on a credit report? Person s name Current and past residences Phone number Social Security Number Date of Birth Current and past jobs Outstanding creditors by type included date account opened, credit limit, loan amount, and payment history
4 What appears on a credit report? Any Federal Bankruptcy records Federal, State and County tax liens and monetary judgements Recent requests for credit with the person or business who made the inquiry Personal statements made by the individual
5 How are Credit Reports compiled? Thousands of credit grantors such as department stores, Home Depot and many other retailers and financial institutions, send monthly or quarterly updates to each of the credit reporting agencies. Other information is supplied by court records.
6 What happens once the data is received? It is entered into the database and used to create a credit report and provide data to create statistical credit scoring models.
7 Impact of your Credit Report Influences your ability to purchase, your chance to obtain a job, rent or buy a house, or even buy car insurance. Accurate negative information can stay on a credit report for up to seven years. A bankruptcy under Chapter 7, 11, 12 can stay in a report for 10 years and a Chapter 13 filing for 7 years. Unpaid federal tax liens can remain for 15 years.
8 The BIG THREE! There are three major Credit Bureaus Experian TransUnion Equifax
9 Free Annual credit report Consumers can request and obtain a free credit report every 12 months from each of the big three by visiting
10 Credit scores A credit score is a computer generated number that indicates a consumer s ability and willingness to repay a debt based on information that is contained in the consumer s credit report. The most common used credit score is known as FICO SCORE. FICO scores range on a scale from 400 to 900.
11 Credit scores Credit scores are highly related to delinquency High scores are associated with low delinquency and low scores with high delinquency Looks at trade lines on your credit report, a trade line is an organization that has supplied credit to the individual.
12 What a credit score drives? Can be used to determine the interest rate on a loan Can be used to determine the type of loan you can obtain in many cases you may not be able to obtain a personal loan with no collateral
13 Reason lenders use credit scores Use credit scores to make lending decisions because credit scores are highly related to loan delinquency. High scores tend to be associated with low delinquency and low score with high delinquency.
14 Improving Your Credit Score Pay your bills on time- a credit score emphasizes a person s most recent payment record Pay at least the minimum amount required- never pay less than the minimum required Keep credit balances low- try to keep balances at 50% of limit or lower Do not apply for too many loans or new accounts during a short time span Establish credit a little bit at a time so that your score goes up slowly and systematically
15 Credit Report Scoring Factors Borrower characteristic factors to include: Number of credit trade lines without delinquencies or other derogatory comments More trade lines suggest lower risk as long as balances are low Percent of trade lines that were ever delinquent or worse. (more suggests higher risk) Worst ever derogatory and number of derogatories
16 Credit Report Scoring Factors Age of oldest trade lines (older lines suggest lower risk) If no trade lines are more than 4 years old, has borrower added lines or have high outstanding balances. (recent activity suggests higher risk)
17 Develop a budget List your fixed expenses, those are the same bills that you must pay each month like rent, mortgage, car insurance. Then list your variable expenses such as entertainment, clothing Then list your sources of income Once you have done this track your spending patterns
18 Budget After 3 months identify all the expenses that are necessary and prioritize the rest of your expenses. The goal of a budget is to make sure you can make ends meet on the basics: housing, food, health care, insurance and education. Once a year analyze all your debts that appear on your credit report to make sure that are valid.
19 Problems making payments If you find yourself having difficulty making your payments you should contact your creditor. Explain the cause of the trouble and work with the creditor for a solution that both you and the creditor can live with. Many lenders have modification or extension programs that they can set up to help you long term or just temporarily
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