Hi Lauren! I was just going in to see if I can find a lender for a new car.
As long as you have a good credit history any lender should be willing to help you.
What does having good credit mean?
Well, a good credit history or credit report is a record of your use of credit, past loans, and credit-related transactions. The better your credit report looks, the more likely the lender will trust you to repay what was borrowed.
Ok, thanks for the tip! Anything else I should know going in? Also, I'm worried about what information about me might be included in this credit report, do you know?
Well I know what won't be included in your credit report. Your buying habits, race and gender, religion and nationality, criminal background, and medical history will not be included. Other than that, be honest and straightforward. Good luck!
Hi son! How was school? I'm just reading my credit report from Equifax.
Hi Mom! What are you reading?
Well son, eventually you need credit in order to get a loan or to pay for bigger things. When you go off to college we'll need to take out student loans from a lender and then pay them back when we make the money.
School was good, we were talking about credit reports actually! Do we actually need to have credit?
They're created based on the information Equifax receives from the lenders regarding our account history with that lender. It's very confusing, but one day you'll need to know this stuff, so I'm glad you're asking questions. Now lets go in and get a snack!
How are credit reports even created? Why don't we create one ourselves?