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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?

Madi Hornbuckle
10/30/2014
Someone who
receives
something with
the promise to
return or repay
what is
borrowed.
Person or
organization
that 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 to CRA to Credit reports.
Equifax, Experian, and TransUnion.
Credit Account Information, Inquiry Information, and Public Record Information.
Type of credit
Loan amount/ credit
limit
Date Account Balance Payment info
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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?

Usually has a contract

Borrower must
repay the amount in
a specific amount of
equal payments.
Auto loans and
Education loans.
Borrower chooses how much to pay
Extended as a
line of credit
established in
advance.
Credit cards
Collection agencies, bankruptcy, tax liens, and foreclosure.
Seeking additional credit or impact is
reduced if shopping for the same type of loan
within a 14 day period.
Inquiries not initiated by you, not related to
credit, and 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?

Depositary Institutions, credit

card companies, mortgage and
finance companies, and retail
stores that offer credit accounts.
All information positive and
negative.
Landlords, cell phone companies,
medical providers, and utility accounts.
When money is owed to them.
Buying
habits
Medical
info
Race and
gender
Religion and
nationality
Criminal
record
Your present self affects your future self.
Mathematical number
created to help a lender
evaluate the risk
associated with lending
a consumer money.
Consumers
financial reliability
Point in time
Financial reliabilty
Fair Isaac, FICO,
and
VantageScore.
300-850
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?

Terms of credit granted, interest rate, monthly payment, and three year amount.
Small closed-end loan
Credit with a co-signer
Secured credit card
authorized user on a card
set up automatic payments
Co-signer and secured credit card.
Equally responsible for
paying back debt.
From each of
the three credit
reporting
agencies.
annualcreditrep
ort.com
Three credit
report
companies.
Contact CRA
and company
that provided
the incorrect
information