Soft Credit Checks
Inquiries that result when consumers check their own credit report, credit card companies pre-approve consumers for a line of credit, or pre-employment checks.
Hard credit checks
The consumer gives permission to a company to check their credit usually when seeking additional credit.
A mathematical tool created to help a lender evaluate the risk associated with lending a customer money.
The timely manner in which a consumer did or did not pay the debt.
The total dollar amount of debt currently held.
Length of Credit History
The amount of time the consumer has held credit account and how often they are used.
Persuit of new credit
Assesses how many accounts have been opened recently, and the type of account.
Having a parent or guardian co-sign a loan
Secured credit card
Usually require a cash security deposit to ensure payment of the credit card.
Fair Credit Reporting Act (FCRA)
This gives the consumer the right to know what information is in their credit report and to report any errors.