Ontario Mortgage Agent Practice Exam

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Details of summary in a credit report

#of public record or other information found in the public record section
Rating for R/O/I/M/C
Summary section provides synopsis of file items
Total # of trades on file

The correct answer is: Summary section provides synopsis of file items

The summary section in a credit report provides a brief overview of the important information contained in the report. This can include but is not limited to the number of credit accounts open, credit utilization rates, payment history, and any negative marks on the report. Option A is incorrect because the public record section provides details about bankruptcies, tax liens, and other public records, not just the number of items found. Option B is incorrect because the ratings are typically used by lenders to determine credit worthiness and are not included in the summary section. Option D is incorrect because it only provides the total number of trades on file, not a summary of the information. Therefore, the best answer is C as it accurately describes what the summary section contains.