| Credit Agencies | Credit Reports | Understanding Credit Scores | How to Improve Your Credit Standing |
|---|---|---|---|
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Creditors, usually on a monthly basis.
Where do credit agencies or bureaus get their information and how often are they reported to?
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Identification: personal data, including your name, current and former addresses, employer, spouse’s name (if applicable), date of birth, and Social Security number.
What do most credit reports begin with?
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A numeric summary of the information in your credit report and is formulated to predict the risk you will not repay what you borrowed.
What is a credit score?
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...
List one way to improve your credit standing. Describe.
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Equifax, Experian and TransUnion
Name three credit agencies.
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Public records that are related to credit worthiness, like liens, bankruptcies, evictions, repossessions, judgments, foreclosures, and court-ordered child support arrears.
What does the public records section show?
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FICO
What is the most common type of score?
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Some companies claim to “repair” credit reports, often for a very high fee. At best, the company is charging you for something you can do yourself for free – writing a letter to the creditor bureaus disputing inaccurate information.
Why should you beware of credit repair?
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To collect information about your credit and financial information about you and to compile it into a report.
What is the role of the credit agency?
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Credit reports may reflect late payments, collection accounts, repossessions, and most other negative information for seven years. For an account sent to a collection agency, the period starts 180 days after you missed your first payment.
Usually, how long can information be reported?
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300-850. The higher score indicates less risk. You want a high score!
What is the range of credit scores and what do they indicate?
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Dispute the information with the credit bureau
Dispute the information with the creditor Add a statement to your report
How do you dispute inaccurate credit reporting? Explain the three ways.
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Businesses or people who have legitimate business use for the information.
Who can see your report?
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It lists anyone who has accessed your credit report. Inquiries can either be “hard” or “soft”. A hard inquiry is an inquiry that results from an application or transaction initiated by you, such as applying for a new credit card.
What does the inquiries section tell you?
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If you make a late payment, your score will take a hit. The more recent, frequent, and severe the lateness, the lower your score.
Why is your payment history important?
|
...
List four ways to improve your credit standing.
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Annually, so that you can catch errors and fraudulent activity, as well as see what can be done to improve your credit score.
How often should you check your credit score and why?
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...
Name 5 things found in the "trade lines" section of your credit report.
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...
List and define the 5 factors used to calculate your credit score.
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Obtaining a secured credit card
Co-signing with someone who has good credit
How do you establish or re-establish credit?
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