“ understanding credit”
DESCRIPTION
“ Understanding Credit”. Presented by: Sulie Richardson. Learning Goals. Why use credit? Who wants to see report & why Understanding the credit reporting system What’s in your credit report How to dispute inaccurate information What makes up your credit score How to fix bad credit. - PowerPoint PPT PresentationTRANSCRIPT
![Page 1: “ Understanding Credit”](https://reader033.vdocuments.site/reader033/viewer/2022051416/56812bae550346895d8fe4c0/html5/thumbnails/1.jpg)
“Understanding Credit”
Presented by: Sulie Richardson
![Page 2: “ Understanding Credit”](https://reader033.vdocuments.site/reader033/viewer/2022051416/56812bae550346895d8fe4c0/html5/thumbnails/2.jpg)
Learning Goals• Why use credit?• Who wants to see report & why• Understanding the credit reporting system• What’s in your credit report• How to dispute inaccurate information• What makes up your credit score• How to fix bad credit
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What is Credit?
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Have a written spending plan
Track your spending
Live within your means
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Credit Reporting System
Consumer CreditorCredit Bureaus
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Who wants to see your credit report?
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Understanding your credit report
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Reviewing your credit report
• Information is collected from creditors and public records
• Disputing inaccurate information– 30 days to investigate and communicate
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Note: There are no quick fixes to repairing credit…
Other considerationsIdentity Theft VictimConsolidate debtsReduce unwanted credit card solicitations
(optoutprescreen.com or call 888-5-opt-out)
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Credit Repair Clinics
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Credit Score
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www.myfico.com
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New credit Amount Owed to creditors
Length of credit history Payment history
Types of credit currently in use
30%35%
15% 10%
10%
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Savings secured loan
Pay creditors
Make payments on time
Pay down credit cards and the revolving loans
Grow your credit score…
Secured credit
card
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Expensive Credit
Refund anticipation loansRent-to-ownCar title loans
Beware of co-signing
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Questions & Comments!
Thank you!