Fp101 week 5 - Review all of the brown tabs at the top of...

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Review all of the brown tabs at the top of the page. After retrieving your report and reviewing these items, answer the following question: Discuss what you learned about credit in general, and what type of information is in your credit report. Be careful not to divulge confidential information about your credit; keep the discussion to the general type of information found on a credit report. Inquiries that do have an effect on the creditworthiness of a consumer also known as "hard inquiries" are made by lenders when consumers are seeking credit or a loan, in connection with permissible purpose. Lenders, when granted a permissible purpose, as defined by the Fair Credit Reporting Act, can "pull" a consumer file for the purposes of extending credit to a consumer. Hard inquiries from lenders directly affect the borrower's credit score. Keeping credit inquiries to a minimum can help a person's credit rating. A lender may perceive many inquiries over a short period of time on a person's report as a signal that the person is in financial difficulty, and may consider that person a poor credit risk What I have learned about credit in general that I am going to be checking into this
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This note was uploaded on 04/05/2012 for the course EDUCATION ETH 125 taught by Professor Hoge during the Spring '12 term at University of Phoenix.

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Fp101 week 5 - Review all of the brown tabs at the top of...

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