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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?

alexis higley
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
borrower's past
loan and
credit-related
transactions
record, created
by a CRA, of
an individual's
credit history
lender, credit report agencies, credit report
equifax, experian, transunion
name, current and previous addresses, telephone number
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 loan
revolving
extended as a
line of credit
established in
advance
credit card
collection agencies, bankruptcy, tax liens, foreclosure
seeking additional credit & impact is reduced
if shopping for the same type of loan within a
14 day period
inquires 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
they report all info, positive and
negative
landlords & cell phone companies
only report when money is owed to
them
race &
gender
religion &
nationality
non-credit
depository
institution
accounts
criminal
background
buying
habits
because the info stays in there for a certain amount of years
mathematical number
created to help a lender
evaluate the risk
associated with lending
a consumer money
reflects info in the
entire credit report
point in time
financial reliability
fair isaac, corp
and vantage
score
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
form a depository institution & set up automatic
payment
equally responsible for
paying back debt
one free credit
report annually
from each of
the three credit
reporting
agencies
annualcreditrep
ort.com
requested from
an angency
contact eh CRA
& company that
provided the
incorrect info