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Understanding Credit Reports


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What is a Credit Report and Score? 

Your success in managing credit is reflected in your credit report and score. A credit report is a history of everything you are doing with your credit now and what you have done with it in the past. A credit score mathematically represents the information in your credit report. Your credit report and score affect your ability to get credit and the terms/rates of that credit.  It can also affect your ability to get a job and rent an apartment. 

Credit Considered on a Report   

Free Credit Report

•   Student loans
•   Car loans
•   Credit cards
•   Personal loans
•   Mortgages, home equity loans
•   Secured credit cards or Loans

 Information Not Considered on a Report

•   On-time phone/utility bills
•   Debit card use
•   Paying with cash
•   Writing checks
•   Checks cashed
•   Remittances
•   Income

 Other Information on a Report

•   Name and aliases
•   Social security number
•   Current and past addresses
•   Date of birth
•   Employment history
•   Collection accounts
•   Inquiries
•   Creditor contact information
•   Consumer statement
•   Public records
•   Payment history
•   Accounts summary

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American Consumer Credit Counseling (ACCC) is a nonprofit company that provides consumers with credit counseling, debt management services and other valuable financial information. ACCC's home buyers guide includes information about the home buying process, with advice for first time buyers and current homeowners alike. Consumers can take ACCC's home buying seminar online and on mobile devices, working at their own pace to complete the course. The home buyers course provides the certification required to qualify and close on certain housing loans, including federal mortgages programs for those buying a house for the first time. ACCC also provides reverse mortgage information that includes answers to questions like "What is reverse mortgage?" and "Do I qualify for a reverse mortgage?"

Better Business Bureau Mass Housing Approved National Industry Standards for Homeownership Education and Counseling Council on Accreditation NFCC Member