Chapter14: Borrower Credit
July 17, 2023
- Information on a debt, found in a credit report, that contains the date that the credit was granted, the balance, terms and repayment history
- Payment History, Amounts Owed, Length of Credit History, New Credit and Inquiries, Types of Credit, and Number of Trades on File are all used to calculate a credit score.
- Ensure that payments are always made on time; limit the number of credit inquiries; maintain balances below 30% of credit limits.
- Public Records section.
- This is a revolving account such as a credit card and it is 2 months in arrears.
- The lower the credit score the higher the delinquency rate.
- Equifax? 6 years
- b) Transunion? 7 years
- Equifax? 3 years.
- b) Transunion? 2 years.
- Contact the Credit Bureau to remove the item.
- No, a Borrower must contact the Credit Bureau directly for this report.
- Beacon score
- Empirica score
- The Bank. Nav. Index, short for the Bankruptcy Navigator Index, is a proprietary scoring model used by Equifax to predict the likelihood of a consumer becoming bankrupt within the next 24 months.
- However many there have been in the past 36 months