What is Credit?
-the ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future.
What is Credit Important For…
-Home & Vehicle Loans
What Is A Good Credit Score? 300–579: Poor Credit Score
740–799: Very Good 800–850: Exceptional
What Makes Up Your Credit Score? 35% – Payment history 30% – Credit utilization 15% – Length of credit history 10% – Inquiries and new credit. 10% – Diversification of credit
3 Main Credit Bureaus
Anatomy Of Credit
Furnisher Contact Information
Personal information: Name, optical aliases, DOB, SS# , current addresses, previous addresses and employment information.
Negative Accounts: Anything that wasn’t paid or paid late. These items you DO NOT want on your report because they lower your credit score.
Positive Accounts: Accounts that have been paid on time and are items you DO want.
Public Records: Court records such as judgments, liens, bankruptcies, child support and sometimes criminal histories.
Inquires: Record of anytime your credit report have been requested. There are different types of inquires. Hard or soft.
Consumer Statements: Area on your credit report that allows you to place a 100 words or less explanation about something on your credit.
Furnisher Contact Information: Name, addresses, and phone numbers of the companies that have reported information to the credit bureaus.