ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A credit report is a detailed record of your credit history, including information about your borrowing and repayment habits. Credit reports are compiled by credit bureaus, which collect data from banks, credit card companies, and other financial institutions.

Detailed explanation-2: -Your credit utilization rate, sometimes called your credit utilization ratio, is the amount of revolving credit you’re currently using divided by the total amount of revolving credit you have available. In other words, it’s how much you currently owe divided by your credit limit. It is generally expressed as a percent.

Detailed explanation-3: -information they collect and how your credit reports impact your credit scores. The three major credit bureaus are Equifax®, Experian® and TransUnion®. Credit bureaus are different from credit scoring companies, such as VantageScore® and FICO®.

Detailed explanation-4: -Your credit reports include information about the types of credit accounts you’ve had, your payment history and certain other information such as your credit limits. Credit reports from the three nationwide consumer reporting agencies-Equifax, TransUnion and Experian-may contain different account information.

Detailed explanation-5: -There are three credit reporting agencies, or credit bureaus, in the United States: Experian, Equifax, and Transunion. Each of these credit reporting agencies compiles your credit information from various reporting sources, such as lenders, into a credit report.