What is a credit report?
A credit report is a record of a potential borrower's credit activity and credit history, relations and disputes, giving lenders information necessary to make accurate loan approval decisions.
It contains:
- Personal/ Company information such as name, address, identification number(s), and contact details.
- Credit account information as reported by lenders and creditors. This information includes the types of accounts, the date those accounts were opened, credit limits or loan amounts, current balances on the accounts and payment history.
- Inquiry information – Information regarding which financial institutions have requested credit reports.
- Collections accounts – This includes past-due accounts that have been turned over to a collection agency.
How Credit Report Plus works?
Our Credit Report Plus is the most comprehensive report inclusive of our scoring information calculation, the EveryData Score, developed to provide users with a single assessment of an individual. Our score ranges from 250 to 900 and is accompanied by a risk grade that describes the status of that score. Essentially, the higher the score the lower the risk.
To interpret the score, the key drivers of the score are shown in a series of reason codes, which are frequently used in manual underwriting as an indication of the areas that require in-depth review.
EveryData conducts constant reviews and statistical analysis on our database to ensure our subscribers have the most predictive and effective risk assessment tool available to them.
For individuals looking to use the details, in addition to the EveryData Score, the report is structured so that all key information is available in the summary form under the 'Dashboard' tab. This summary is further enhanced by a series of traffic light indicators. For in-depth analysis, users can navigate through section by section, using the tabs specific to each section on the Dashboard. This approach, using both the summary and the full report, ensures the EveryData report is suitable for both new and experienced underwriters.
