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2.6.1.L1
TakeChargeTodayApril2014CreditReportsandScores
FundedbyagrantfromTakeChargeAmerica,Inc.totheNortonSchoolofFamilyandConsumerSciencesTakeChargeAmericaInstituteatTheUniversityofArizona
CreditReportsandScoresNoteTakingGuide

TotalPointsEarned
Name

TotalPointsPossible
Date

Percentage
Class

Aborroweris:
Alenderis: Acredithistoryis: Acreditreportis:
Whatarethetypes
ofcreditaccount
information?
Howarecreditreportscreated?

Whatarethenamesofthethreecreditreporting
agencies?

Whatarethreeexamplesofpersonalinformationonacreditreport?

Megan Cowherd
Someone who
receives
something with
the promise to
return it or to
repay what is
borrowed
Person or
organization
who makes
funds available
for others to
borrow
Record of the
borrowers past
loan and
credit-related
transactions
Record,
created by a
CRA, of an
individuals
credit history
Lender-Reports a consumer's account history to CRA's
CRA's- Keep a record of a consumer's account history
Credit Reporters- Record, created by a CRA, of an
idiciduals crdit history
- Equifax
- Experian
- TransUnion
Credit Account Information, Public Record Information, Inquiry Information
Type of Credit
Loan Amount or
Credit LImit
Date Account Balance
Payment
Information
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2.6.1.L1
TakeChargeTodayApril2014CreditReportsandScores
FundedbyagrantfromTakeChargeAmerica,Inc.totheNortonSchoolofFamilyandConsumerSciencesTakeChargeAmericaInstituteatTheUniversityofArizona

SAMSELECTRONICWORLD
Address:AccountNumber:
123MAINSTREET3624****
ANYWHERE,AZ00000
Status:Open/Pastdue60days.
DateOpened:
02/2009
ReportedSince:
02/2010
DateofStatus:
10/2012
LastReported:
10/2012
Type:
Revolving
Terms:
N/A
MonthlyPayment:
$0
Responsibility:
INDIVIDUAL
CreditLimit/OriginalAmount:
$500
HighBalance:
$550
RecentBalance:
$84asof11/2012
RecentPayment:
$0
AccountHistory:
60daysasof102012
30daysasof092012

TypesofCredit
Closedend
OpenEnd
Alsoknownas: Definition Example
Placethefollowingsymbols
oneachsectionofSams
ElectronicWorldAccount
describedbythe
correspondingtypeof
information.
Typeofcredit
Loanamount/creditlimit
Dateaccountwas
opened
Accountbalance
Paymentinformation
Whattypesofpublicrecordinformationmaybeinacreditreport?

Whenareinquiriespotentiallynegative?

Whendoinquiriestypicallyhavenoimpact?

Installment
Borrower must repay
the amount in a
specified number of
equal payments
Automobile
Loans
Revolving
Extended as a line
of credit established
in advance
Credit Cards
Collection Agencies, Bankruptcy, Tax Liens, Foreclosure
Impact is reduced if shopping for the same
type of loan within a 14-day period
Seeking additional credit
Inquiries not initiated by you
Inquiries not related to credit
Checking your own report


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2.6.1.L1
TakeChargeTodayApril2014CreditReportsandScores
FundedbyagrantfromTakeChargeAmerica,Inc.totheNortonSchoolofFamilyandConsumerSciencesTakeChargeAmericaInstituteatTheUniversityofArizona

Examplesoflenders: Whendolendersreport?
Examplesofdatafurnishers: Whendodatafurnishersreport?
WhoreportstoCRA's?
5examplesof
informationnot in
acreditreport
Whatisacredit
score?
Whatinformationis
includedinacredit
score?
Acreditscorereflects
aparticular...
Whatdoesascore
indicateabouta
consumer?
Who,most
commonly,produces
scores?
Whatarethescore
rangesofthetwo
mostcommon
systems?
Ahigherscore
typicallymeanswhat?
Doesaconsumerhave
oneormultiple
scores?
Whyistimetheonlywaytoremovenegativeinformationfromacreditreport?

Depository Institutions
Credit Card Companies
Mortgage and Finance Companies
Retail Stores that offer credit
accounts
all information, positive or
negative
Landlords
cellphone companies
medical providers
utility accounts
when money is owed to them
Race and
Gender
Religion and
Nationality
Buying
Habits
Non credit
depository
institution accounts
Criminal
background
Time allows a person to make their credit score better by paying debts and other things like
that.
Mathematical number
created to help a lender
evaluate the risk
associated with lending a
consumer money
Reflects
information in the
entire credit report
Financial reliability
point in time
their financial
reliability
Credit reporting
agencies
FICO- 300-850
VantageScore-
501-990
Higher chance of
credit repayment
Multiple
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2.6.1.L1
TakeChargeTodayApril2014CreditReportsandScores
FundedbyagrantfromTakeChargeAmerica,Inc.totheNortonSchoolofFamilyandConsumerSciencesTakeChargeAmericaInstituteatTheUniversityofArizona

5strategiesto
buildapositive
credithistory
include:
Howoftencana
freecreditreportbe
requested?
Whatistheonly
government
sponoredwebsite?
Howarecredit
scoresaccessed?
Ifanerrorisfound,
aconsumershould:
Inadditiontoaccesstocredit,whataretwootherwaysanindividualscredithistorymayimpactthem?

Whataretwostrategiestoacquireandpositivelymanagesmalllines
ofcredit?

Howisacosignerimpacted?

Insurance Rates, Employment, Public Utility Services, Housing

Small Closed-end loan
Credit card with a co-signer
Secured Credit Card
Authorized user on a credit card
Manage small lines of credit
From a depository institution
Set up automatic payments
They are equally responsible
for paying back debt
One free credit
report annually
from each of
the three credit
reporting
agencies
AnnualCreditRe
port.com
They are
requested from
an agency
Contact the
CRA &
company that
provided the
incorrect
information