Question

Explain what a credit report is and list five kinds of information found on a credit report.

Answer 1

A credit report is a detailed written document about a person’s credit history. The report contains personal information, anything found in public records, information from collection agencies, information about credit cards or loans, and a list of those who have requested a copy of the report.

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Answer 2

 

A credit report is a report which shows the credit history of the individual. The five kinds of information found on a credit report are personal information, accounts, public records, recent inquiries, and how many times the credit has been taken.

Further Explanation:

Credit report:

A credit report refers to a report which shows the credit history of the individual. The credit report shows the credit point which may be anexcellent or poor credit score. If a person has a high credit score report, he is eligible for taking more loans from the market. If a person has the lowest credit score report, he cannot be eligible for taking more loans from the market. Before giving the loans to the customer, the bank checks the credit report of the customer.

Five kinds of information found on the credit report:

• Personal information: The credit report shows the personal information of the customer. It contains a name, phone number, addresses current and address post, and date of birth.
• Accounts: Credit report also includes the details of accounts, bank, and the detail of credit card from which loan had taken and short term credit.
• Public records: The credit report also contains a record of bankruptcy. It also contains how many times the individual may not able to repay his loan and credit.
• Recent inquiries: The credit report contains the recent inquires on how many numbers of times the credit report has been recently viewed.
• A number of times credit has been taken: Credit report includes the history of how many times the individual has made the credit.

Learn more:

1. Learn more about credit score

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2. Learn more about credit card

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3. Learn more about credit utilization value

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Answer details:

Grade: Middle School

Subject: Banking  

Chapter: Credit report

Keywords:a credit report, list five kinds, information, found, credit history, public records, accounts, recent inquiries, personal information, customer, credit point, and banking.