Credit Reports Flashcards
What is CRA
Credit reporting agency supply credit reports
What is In file credit report
report from one credit agency
What is tri merged credit report
all 3 agencies on one report
What is 3rd type of credit report
factual data report
All of the following would be found in a credit report except?
a.) Judgments
b.) Collections
c.) foreclosures
d.) utility records
D.
How long do public records show on a credit report
7 years
How long does chapter 7 bankruptcy stay on credit report
10 years
What is chapter 7 bankruptcy
personal - wipes out all debts
What is chapter 13 bankruptcy
personal pay back creditors through court
What is chapter 11 bankruptcy
Business bankruptcy
How long does chapter 13 stay on report
7 years
How long does chapter 11 Bankruptcy stay on a credit report
.A. 7 years
B. 10 years
C. Chapter 11 is not reported on all credit reports
D. Until it is discharged
C.
What is the credit score range?
300 -850
What is the purpose of credit score
Predicts whether or not the borrower will default based on past history
All of the following documents would show the Name of Company and MLO’s NMLS number except
A. Credit Report
B. Loan estimate
26
C. 1003
D. Closing disclosure
A.