What do Equifax, Experian, and TransUnion do?(1 point) Responses help you to improve your credit score help you to improve your credit score ensure no one is able to see their credit report ensure no one is able to see their credit report compile credit reports on individuals compile credit reports on individuals decide whether to approve or reject a loan application
compile credit reports on individuals
Cole just moved to a new neighborhood. He called the electric company to switch the utilities for his new home from the landlord to himself. Why would the electric company request a copy of Cole’s credit report?(1 point) Responses The company does background checks on all potential employees. The company does background checks on all potential employees. Federal regulations require them to make that request whenever someone signs up. Federal regulations require them to make that request whenever someone signs up. They needed to decide whether to require Cole to provide a deposit. They needed to decide whether to require Cole to provide a deposit. Cole had applied for one of the company’s credit cards and they wanted to find out if he was a good borrower.
They needed to decide whether to require Cole to provide a deposit.
Cody’s credit report lists two different addresses in Lakeville, CT. What might be an explanation for that?(1 point) Responses One is his home address and one his work address. One is his home address and one his work address. Cody’s family owns more than one property. Cody’s family owns more than one property. Someone else with the same name lives at the second address. Someone else with the same name lives at the second address. His family moved while he was growing up.
His family moved while he was growing up.
Where does your credit score come from?(1 point) Responses It is based on information you provide to Equifax, Experian, and TransUnion. It is based on information you provide to Equifax, Experian, and TransUnion. It is calculated by Equifax, Experian, and TransUnion. It is calculated by Equifax, Experian, and TransUnion. It is calculated from your work and sent to Equifax, Experian, and TransUnion. It is calculated from your work and sent to Equifax, Experian, and TransUnion. It is based on information in the credit reports compiled by Equifax, Experian, and TransUnion.
It is based on information in the credit reports compiled by Equifax, Experian, and TransUnion.
if your credit report shows late payments because you were deployed to a combat zone, what might you do to clean up your credit report?(1 point) Responses Send a note to the credit bureau saying you completely forgot about the due dates. Send a note to the credit bureau saying you completely forgot about the due dates. Send a note to the credit bureau that you were in combat rotation for three months with limited ability to pay your bills but have caught all the bills and late fees up. Send a note to the credit bureau that you were in combat rotation for three months with limited ability to pay your bills but have caught all the bills and late fees up. Send a note to the credit bureau saying you were very busy at work and did not have time to pay bills. Send a note to the credit bureau saying you were very busy at work and did not have time to pay bills. Send a note to the credit bureau that you are only 15 years old.
Send a note to the credit bureau that you were in combat rotation for three months with limited ability to pay your bills but have caught all the bills and late fees up.
Equifax, Experian, and TransUnion are credit bureaus that compile credit reports on individuals. They gather information from various sources such as lenders, banks, and other financial institutions. These credit bureaus collect data on your credit history, including your repayment history, credit limits, outstanding debts, and any public records, such as bankruptcies or liens.
Their primary function is to provide credit reports to lenders and other authorized entities who need to assess an individual's creditworthiness. When you apply for a loan or credit card, lenders often request your credit report from one or more of these credit bureaus to evaluate your creditworthiness and decide whether to approve or reject your loan application.
It's important to note that these credit bureaus don't directly help individuals improve their credit scores. However, they play a crucial role in maintaining accurate and up-to-date credit information, which can be instrumental in identifying areas where you might need to take action to improve your credit score.
To check your credit report and address any errors or discrepancies that may negatively impact your credit score, you can contact each of these credit bureaus individually and request a free copy of your credit report annually.