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Learn about credit reports and why they're important
What is a credit report?
A credit report is breakdown of a person's credit history prepared by a credit bureau. These credit bureaus collect financial information about people and create credit reports based on that information. Lenders use these reports as a way to determine loan applicants' creditworthiness. The three major credit reporting bureaus in the United States are Equifax, Experian, and TransUnion. Most of the information on these different reports is similar.
How Credit Reports Work
Credit reports are split into four sections. The first section, usually at the top, consists of personal information, such as the individual's name and Social Security Number. The second section is the largest part of the report and consists of detailed information on lines of credit. The third section contains public records such as bankruptcies, judgments and tax liens. The fourth section, at the bottom, lists all of the people that have recently asked to see the individual's credit report.
Credit Scores and Credit Reports
Quiz
Sources: https://www.investopedia.com/terms/c/creditreport.asp
https://youtu.be/SRSV6SF9yTU
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https://quizlet.com/75659230
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