Credit Repository
Today’s real estate word of the day is credit repository. What we’re going to do is we’re going to define it, use it in a sentence and quickly discuss it. All right.
A credit repository is an organization that gathers records, updates and stores, financial and public records, information about the payment records of individuals who are being considered for credit, for example, Experian, Equifax, TransUnion.
So there are three credit repositories. Yes. OK, so to go ahead and use this in a sentence. Hmm. Go ahead. I wonder I often wonder if the credit repositories. Share our personal information. Hmm.
So Shana is worrying about privacy as it relates to that. Interesting. And they each have a slightly different scoring method. And when it just to discuss it, there’s three scores in for loan purposes. They will use your middle score, not the high, not the low, but the middle.
Sometimes when you go ahead and apply for a different type of credit, maybe auto credit, the pull one repository and, you know, just there, it’s not necessary that every single debt is reported to every repository. But for the most part, they are. There’s some debts that might only be if it’s a smaller company, they might only report it to one repository. So you could have a slightly different score. They just have different mechanisms in which how they do that.
That reminds me of something I was thinking about a while back, our credit scores. I heard as a rule of thumb that they like in a household the. Wife tends to have a higher credit score than the husband. I wonder if that’s true.
I do think women are more responsible. I would say
That maybe the husband is, you know, utilizing more of the credit and more of the burden of credit goes on. I don’t know. But that’s interesting. I would like to understand that Or maybe we’ll discuss that really soon. That would be great. A good question.
