Jane Smith lives at home with her parents at 5678 Main Street in Anytown, Missouri, but she has just put in an application for an apartment. After closing out her credit account with the Checkout store chain, she has only one credit card, from North Valley Credit Union. She currently makes installment payments to Tri-State Bank on her car.

Based on Jane’s profile, what credit accounts should she expect to verify on her credit report? Check all that apply.

a current account with North Valley Credit Union
a mortgage account for her parents’ home
her closed account with Checkout
a current account for her car loan
an account with the apartment complex

Jane Smith should expect to verify a current account with North Valley Credit Union, a current account for her car loan and an account with the apartment complex on her credit report.

What is a current account?

A current account is a type of bank account that protects your money and makes smart money management easier. Personal current accounts make it easier for people, corporations, and organizations to pay you (through direct debits and standing orders). Even though you may use other financial instruments, it is your current account that connects the gaps and makes it possible for everything to function properly.

Living without a current account can be very challenging because they provide much of the infrastructure required for making and receiving payments. Current accounts are engrained in our way of life.

While you might think that opening a bank account entails scheduling a visit to your neighborhood bank location, technological advances have made this procedure considerably simpler and faster for you. You might be able to open an account from the comfort of your home without ever having to enter a physical branch, depending on who you are working with.

What is a Credit report?

Your credit history is broken down in great detail in a credit report that is created by a credit reporting agency. Lenders use the reports, along with other information, to assess your creditworthiness. Credit bureaus gather financial information about you and compile credit reports based on that information.

Reports contain information about you personally, information about credit lines, public records like bankruptcies, and a list of organizations that have requested a copy of your credit report.

Every one of the three main credit bureaus—Equifax, Experian, and TransUnion—must offer you one free report every year.

Additionally, credit reports include information about accounts that have been reported to credit bureaus, including details about liens and wage garnishments.

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