visa kit

Question: What is Credit?

Answer: Credit is considered the trust of, the faith in, and the financial worthiness of an individual to meet obligations to debtors over a period of time.

Question: What is a credit report?

Answer: A credit report is a compilation of an individuals past and present credit obligations to help determine if, and how well, he or she has met those obligations. The credit report gives the creditor an insight into an individuals credit history.

Question: What is credit history?

Answer: Credit history is a credible look at past financial consequences of an individuals ability to pay, or not to pay, his or her debts and whether the obligations are paid on time in the manner agreed.

Question: What is a credit score?

Answer: A credit score is a mathematical formula developed to determine an individuals credit worthiness. Credit scores start at 300 and go to up to 850. The higher the score, the more credit worthy you are considered to be.

Question: Do I have a right to a free credit report?

Answer: Yes. The Fair and Accurate Credit Transaction Act gives all Americans the right to a free credit report. This law includes provisions designed to help protect consumers against identity theft.

Question: If I order my credit report, will it hurt my credit?

Answer: No, not unless you use it to apply for a loan, credit card or some other credit obligation.

Question: How often can I get a free credit report?

Answer: You are entitled to one free credit report per year.