Credit Reports and Scores Comic Rubric

Credit Reports and Scores Comic Rubric

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  • Hi Iv'e been thinking about getting a credit card, but I have a few questions that need to be answered. First off, what is a credit report?
  • Well ma'am, a credit report is a record created by a CRA of your credit score.
  • What does the report contain?
  • It contains personal information, you credit account information, public record, and inquiry information
  • Well where does it come from?
  • Well they are created when a lender reports your account history to CRA's and then they keep a record of your account history.
  • You keep mentioning the CRA. Who are they and why would they need to keep a record of my account history?
  • Well there are 3 CRA's, Equifax, Experian, and TransUnion. They need to keep record of your account because everything on your credit report determines your credit score.
  • Your credit score is important because it lets lenders know if you are a risk borrower or not. A high credit score lets lenders know that you aren't a high risk borrower,but a low credit score lets them know that you are a risk. 
  • Oh i've heard that credit scores are very important, why?
  • If you have a low credit score, lenders tend to hesitate on loaning you money because they assume that you wont pay them back, but if you have a high credit score, lenders wouldn't hesitate to loan you money because they know you'd pay them back
  • How would a high risk or a low risk affect me though
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