credit report module 2
DESCRIPTION
TRANSCRIPT
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1Module 1.2 Analyze Your Credit Report and Score
Core PFRP for Transition
Module 1.2
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2Module 1.2 Analyze Your Credit Report and Score
Analyzing Your Credit Report & Score
213.3
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3Module 1.2 Analyze Your Credit Report and Score
Credit Reports
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A credit report is a record of an individual’s credit history. It contains: Credit Employment Residences Judgments Tax Liens Bankruptcies Inquiries
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4Module 1.2 Analyze Your Credit Report and Score
Credit Report Components
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Personal IdentificationNameAddressDate of BirthSocial Security Number
Employment Information
Payment History (Trade Lines) – Credit Accounts
Inquiries - List of everyone who accessed your credit report within the last two years
Public Record InformationPublic records Wage attachmentsLiens BankruptciesJudgment Foreclosures
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5Module 1.2 Analyze Your Credit Report and Score
Credit Reporting Agencies
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6Module 1.2 Analyze Your Credit Report and Score
FACT Act Provisions
• One free copy of your report from each CRA each year
• Right to a copy of your credit score for a reasonable fee
• One-call fraud alerts• Active-duty alerts• Trade-line blocking
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7Module 1.2 Analyze Your Credit Report and Score
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www.annualcreditreport.com
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8Module 1.2 Analyze Your Credit Report and Score
What to Expect
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• You’ll need to provide and validate:• Name• Address• SSN• Date of birth• Current & previous address (if moved in last 2 years)• Other information listed on your file
• An additional free report can be obtained if:• Denied credit, insurance, employment, rental housing• Adverse action was taken against you based on your
credit file• Unemployed• Receiving public welfare assistance• Your state offers a free or reduced-price credit report• You’ve been a victim of identity theft
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9Module 1.2 Analyze Your Credit Report and Score
What Is A Credit Score?
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10Module 1.2 Analyze Your Credit Report and Score
What Is A Credit Score?
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Vantage
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11Module 1.2 Analyze Your Credit Report and Score
The Score Matters
Higher scores =
lower interest rates
& more credit
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12Module 1.2 Analyze Your Credit Report and Score
Where To Get A Score
1213.5
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13Module 1.2 Analyze Your Credit Report and Score
Credit Score Components
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Vs
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14Module 1.2 Analyze Your Credit Report and Score
Improving A Score
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Ensure credit report is accurate
Make all payments promptly
Stay within credit limits
Take advantage of auto payment plans/options
Set up a bill-payment calendar
Match credit to appropriate purchase
Don’t exceed 10% of the limit on a credit card
Pay down installment loans
Don’t add new accounts to lower balances on older ones
Establish new credit only if you have little existing history
Keep your older accounts in good standing
Limit inquiries
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15Module 1.2 Analyze Your Credit Report and Score
Correcting A Report
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Request positive missing
information be added
Request errors/erron
eous information be removed
Request outdated
information be removed
Place a consumer statement
on the report
Avoid credit repair
agencies!
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16Module 1.2 Analyze Your Credit Report and Score
Fixing A Report
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17Module 1.2 Analyze Your Credit Report and Score
Fair Credit Report Act• Consumers have the right
to:– know the contents of their
report– an accurate and complete file– have mistakes fixed– tell their side of the story– a fresh start– understand their report– know who has seen their
report– confidentiality– know if their report has been
used against them– sue the CRA
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18Module 1.2 Analyze Your Credit Report and Score
Who Can See Your Credit Report?
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CreditorsEmployers
Gov’t Agencies
Insurance Companies
Landlords
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19Module 1.2 Analyze Your Credit Report and Score
What’s Worth Knowing? Wrap-Up
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