CREDIT REPORT

CREDIT REPORT • Credit Report outlines an individuals credit history, public records and credit worthiness. • 720-850 – Excellent, 650-719 – Good, C – 560-649 Fair, 350-559 – Bad • Credit is a transaction between two parties in which one is the creditor or lender, supplies the other, the debtor or borrower, with money, goods, services, or securities in return for the promise of future payment. • (IOU – I gladly pay you Tuesday for your service today) • Credit History is a history of an individuals ability to acquire credit and pay their bills on time and is recorded as any other relevant public records. CREDIT REPORT • Public Record: Any and all records created or accumulated during the course of public business that is transcribe on paper, microfilm, electronic, photographic, audio, motion picture or video recordings. • Credit worthiness. A history of trustworthiness, a moral character, and expectations of continued performance that demonstrates a debtor's ability to pay. Creditors give more favorable terms to consumers with high credit ratings by providing lower point structures and lower interest rates.