Credit Report Basics
Companies that supply your credit information to consumer reporting agencies have to follow specific credit reporting rules, as listed under the federal Fair Credit Reporting Act. The act stipulates who can obtain a copy of your credit report and in what circumstances.
What is a credit report?A credit report is sometimes called a credit file or credit history. Credit reports contain identifying information and a list of your financial obligations and how you have paid them. They are available to creditors, employers, others as permitted by law, and by you the consumer at any time.
What is a Credit Score?
To help lenders make decisions faster and more objectively, they utilize a decision-making tool called a credit score. A credit score is a number calculated using information from your credit history that comes from credit reporting agencies. Credit scores represents your creditworthiness and indicate the likelihood that you will repay a debt as agreed. They are widely used by lenders. If you have car insurance, a loan, or credit cards, the premiums you are paying and your interest rate may be determined in part by your credit scores. A credit score is a summary of the information in a credit report at the moment it is reviewed. A credit score is not part of your credit history and does not appear on your personal credit report.
Arm yourself with the basics of consumer credit reporting. Consumers Credit Union is hosting “Your Credit Score,” a no-cost seminar that provides insight into building a better credit score. The workshop is open to the public and credit Union Members alike on Thursday, May 7th, at the Holiday Inn in Gurnee, IL.
“Your Credit Score” is presented by Tricia Drexel, in partnership with Balance Financial Fitness and Consumers Cooperative Association, the credit union’s sponsor. Seminar topics include …
- How to build and maintain a healthy credit score
- Actively monitoring your credit score
- Understanding the differences in various credit scoring models
- How credit affects every aspect your lifestyle from home ownership to employment
Details for registering for the seminar are as follows.
- Date: Thursday, May 7th, 2015
- Time: 5:30 pm registration: seminar starts at 6:00 pm
- Location: Holiday Inn, 6161 West Grand Ave Gurnee, IL. 60031
- RSVP: Cedric Ivy ([email protected] or 847-265-5541)
Seating is limited, so please contact Cedric Ivy today to reserve your seat and/or to receive additional information about “Your Credit Score.”