HUMS 202 Lecture Notes - Lecture 7: Fair Credit Reporting Act, Savings Account, Medical History
Document Summary
Good credit means make loan payments on time easier and cheaper to borrow. Credit ability to borrow money money in future, get job easier, and rent easier collateral : something you provide to lender to secure a loan (asset you own that"s giver to lender if you don"t repay loan) Credit report shows how much debt you have, whether you have made payments on time, and if there is any negative info about you in public records. Three main credit reporting agencies: equifax, experian, transunion, maintain background data like ssn & addresses; collect info abt bankruptcy filings, receive info from creditors if you pay credit card on time, provide copy of credit report to lenders. Judgement: court confirmation of debt owed to creditor, remains on credit report for 7 years and if not paid, creditor can petition the court for a claim on assets you own. Tax lien: claim against property or assets for unpaid taxes on those assets.
