Credit_Reports_and_Scores_Note_Taking_Guide_2.6.1.L1.pdf

Credit_Reports_and_Scores_Note_Taking_Guide_2.6.1.L1.pdf -...

This preview shows page 1 out of 4 pages.

Unformatted text preview: Page | 15 2.6.1.L1 Credit Reports and Scores Note Taking Guide Total Points Earned Name Total Points Possible Percentage Date Class Jake Clifford 5/11/17 3rd A borrower is: Someone who receives something with the promise to return it or to repay what is borrowed. A lender is: A credit history is: record of the borrower's past loan and credit-related transactions Person or organization who makes funds available for others to borrow A credit report is: A record of a person's use of credit How are credit reports created? What are the names of the three credit reporting agencies? Lender reports consumer's account history Equifax, Experian, Trans Union to the CRA's to keep a record which in turn make credit reports What are three examples of personal information on a credit report? Name, Social Security, Date of Birth What are the types of credit account information? Type of credit Loan amount of credit limit date account balence payment information © Take Charge Today – August 2013 – Credit Reports and Scores Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona Page | 16 2.6.1.L1 Types of Credit Also known as: Closed‐end Open‐End Definition Example Car loan Installment credit load that a borrower must repay in a specific # of equal payments credit card Revolving credit line of credit established in advance Place the following symbols on each section of Sam’s Electronic World Account described by the corresponding type of information. Type of credit Loan amount/credit limit Date account was opened Account balance SAM’S ELECTRONIC WORLD Address: Account Number: 123 MAIN STREET 3624**** ANYWHERE, AZ 00000 Status: Open/Past due 60 days. Date Opened: 02/2009 Reported Since: 02/2010 Date of Status: 10/2012 Last Reported: 10/2012 Credit Limit/Original Amount: $500 High Balance: $550 Recent Balance: $84 as of 11/2012 Recent Payment: $0 Account History: 60 days as of 10‐2012 30 days as of 09‐2012 Payment information Type: Revolving Terms: N/A Monthly Payment: $0 Responsibility: INDIVIDUAL What types of public record information may be in a credit report? Collection agencies, bankruptcy When are inquiries potentially negative? seeking additional credit When do inquiries typically have no impact? inquires not initiated by you inquires not related to credit © Take Charge Today – August 2013 – Credit Reports and Scores Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona Page | 17 2.6.1.L1 Examples of lenders: When do lenders report? banks, credit card companies all postive and negitive info Who reports to CRA's? Examples of data furnishers: When do data furnishers report? landlords, cell phone companies typically only when money is owed to them 5 examples of information not in a credit report personal medical info race and gender religion nationality buying habits criminal backgrounds Why is time the only way to remove potentially negative information from a credit report? CRA report from 7-10 past years What information is included in a credit score? A credit score reflects a particular... number of credit accounts point in time consumer's financial reliability A higher score typically means what? Does a consumer have one or multiple scores? What is a credit score? # summery of credit history Who, most commonly, produces scores? What are the score ranges of the two most common systems? Fair Isaac FICO 300-800 VantageScore 501-990 Higher change of credit repayment What does a score indicate about a consumer? mulitple © Take Charge Today – August 2013 – Credit Reports and Scores Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona Page | 18 2.6.1.L1 In addition to access to credit, what are two other ways an individual’s credit history may impact them? Insurance rates, employment, public utility services, housing pay bills on time maintain reasonable amounts of avalible credit 5 strategies to build a positive credit history include: apply for cdredit sparingly have a miz of diffrent types check your report annually What are two strategies to acquire and positively manage small lines of credit? Obtain a small closed ended loan from a bank How often can a free credit report be requested? What is the only government‐ sponored website? once annually from each agency annualcreditrep ort.com How is a co‐signer impacted? equally responsible for paying back debt How are credit scores accessed? must be ordered separately usually a fee If an error is found, a consumer should: contact CRA © Take Charge Today – August 2013 – Credit Reports and Scores Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona ...
View Full Document

{[ snackBarMessage ]}

Get FREE access by uploading your study materials

Upload your study materials now and get free access to over 25 million documents.

Upload now for FREE access Or pay now for instant access
Christopher Reinemann
"Before using Course Hero my grade was at 78%. By the end of the semester my grade was at 90%. I could not have done it without all the class material I found."
— Christopher R., University of Rhode Island '15, Course Hero Intern

Ask a question for free

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern