Texas REALTORS® Disaster Relief Fund: Donate here

Are you giving clients correct information about credit reports?

Translate this page
Two hands typing on a laptop keyboard

05/27/2015 | Author: Editorial Staff

One of the best pieces of advice you probably share with clients and prospects is to monitor their credit reports … but are you giving them accurate information? See if you can answer these questions about finding and interpreting info from credit-reporting agencies.

1. True or false? Information about your checking and savings accounts is included on your credit report.

2. Which of the following appears on a credit report?
            a. Identifying information (name, address, Social Security number)
            b. Credit inquiries from the last two years
            c. Bankruptcies, liens, and judgments
            d. Payment history
            e. All of the above

3. True or false? A credit report doesn’t include the consumer’s credit score.

4. How often can a consumer order a free copy of his or her credit report?
            a. Once every two years from each of the three reporting agencies
            b. Once a year from each of the three reporting agencies
            c. Once a year from one of the reporting agencies
            d. Only lenders can request a copy of a consumer’s credit report.

5. True or false? If a consumer orders a credit report for himself, it will negatively affect his or her credit score.

 

Answers
1. False.
2. e. This and other information appears on a consumer’s credit report, although each credit-reporting agency displays this information in a different way.
3. True. A free credit report doesn’t include a credit score, but a consumer can purchase a score from the credit-reporting agencies and scoring companies.
4. b. Consumers can order a free credit report from each of the three reporting companies once every 12 months at annualcreditreport.com.
5. False.

Categories: Buyers, Sellers, Homeowners
Tags: credit report, quiz, consumers

advertise with us

Legal disclaimer

The material provided here is for informational purposes only and is not intended and should not be considered as legal advice for your particular matter. You should contact your attorney to obtain advice with respect to any particular issue or problem. Applicability of the legal principles discussed in this material may differ substantially in individual situations.

While the Texas Association of REALTORS® has used reasonable efforts in collecting and preparing materials included here, due to the rapidly changing nature of the real estate marketplace and the law, and our reliance on information provided by outside sources, the Texas Association of REALTORS® makes no representation, warranty, or guarantee of the accuracy or reliability of any information provided here or elsewhere on texasrealestate.com. Any legal or other information found here, on texasrealestate.com, or at other sites to which we link, should be verified before it is relied upon.

Advice for REALTORS®

5 ways smart-home tech affects real estate transactions

5 apps that can keep you safe in—or before—a crisis

Is the eviction process different for manufactured homes?

3 places you can find free marketing content

Subscribe

More advice for REALTORS®