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Credit Reports and Scores. Advanced Level. Good Morning! 4/7/14. EverFi Credit Score was due Friday Lose 10%/day remember summative grade of 100 points EverFi Payments, Interest and Credit Cards is due THIS FRIDAY, April 11 th ! Todays Agenda: Credit reports and scores - PowerPoint PPT Presentation

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Credit Reports andScoresAdvanced Level2.6.1.G11Good Morning! 4/7/14EverFi Credit Score was due FridayLose 10%/day remember summative grade of 100 pointsEverFi Payments, Interest and Credit Cards is due THIS FRIDAY, April 11th!Todays Agenda:Credit reports and scoresQuiz on Friday! Take Charge Today August 2013 Credit Reports and Scores Slide #Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona2.6.1.G1The Credit ProcessCredit goods, services, and/or money received in exchange for a promise to pay back a definite sum of money at a future date Take Charge Today August 2013 Credit Reports and Scores Slide #Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona2.6.1.G1How Credit Reports are Created Take Charge Today August 2013 Credit Reports and Scores Slide #Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona2.6.1.G1Credit Reporting AgenciesThree U.S. Agencies: - Equifax - Experian - TransUnionA persons credit report may vary across the three CRAsIf credit has never been used (or reported) an individual will not have a credit report Take Charge Today August 2013 Credit Reports and Scores Slide #Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona2.6.1.G1Credit Report DetectivesYour Mission:Help Isabella understand her credit reportIdentify what she did to get into this situation Decide what she can do to improve her credit report

Take Charge Today August 2013 Credit Reports and Scores Slide #Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona2.6.1.G1Information in a Credit Report Take Charge Today August 2013 Credit Reports and Scores Slide #Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona2.6.1.G1

Consumer (personal) InformationInformation provided to lenders when applying for creditPlace a next to Isabellas personal information

NameCurrent and previous addressesTelephone numberFull or partial social security numberDate of birthEmployment history Take Charge Today August 2013 Credit Reports and Scores Slide #Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona2.6.1.G1Credit Account InformationSpecific information about each credit account you have or have had Take Charge Today August 2013 Credit Reports and Scores Slide #Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona2.6.1.G1Types of CreditClosed-end credit (installment)Open-end credit (revolving)DefinitionBorrower must repay the amount in a specified number of equal paymentsExtended as a line of credit established in advanceFeaturesUsually has a contract outlining repayment termsBorrower chooses how much to payExamplesAutomobile loans Education loans MortgagesCredit cards Take Charge Today August 2013 Credit Reports and Scores Slide #Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona2.6.1.G1Types of CreditSAMS ELECTRONIC WORLDAddress: Account Number:123 MAIN STREET 3624****ANYWHERE, AZ 00000Status: Open/Past due 60 days.Date Opened:02/2009Reported Since:02/2010Date of Status:10/2012

Last Reported:10/2012Type:RevolvingTerms:N/AMonthly Payment:$0Responsibility:INDIVIDUAL Credit Limit/Original Amount:$500High Balance:$550Recent Balance:$84 as of 11/2012Recent Payment:$0Account History:60 days as of 10-201230 days as of 09-2012What section of the Sams ElectronicWorld account on Isabellas creditreport describes the type of credit?

Is this a closed-end or open-end credit account?

Take Charge Today August 2013 Credit Reports and Scores Slide #Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona2.6.1.G1Loan Amount/Credit LimitSAMS ELECTRONIC WORLDAddress: Account Number:123 MAIN STREET 3624****ANYWHERE, AZ 00000Status: Open/Past due 60 days.Date Opened:02/2009Reported Since:02/2010Date of Status:10/2012

Last Reported:10/2012Type:RevolvingTerms:N/AMonthly Payment:$0Responsibility:INDIVIDUAL Credit Limit/Original Amount:$500High Balance:$550Recent Balance:$84 as of 11/2012Recent Payment:$0Account History:60 days as of 10-201230 days as of 09-2012What sections of Sams Electronic World account describe loan amount/ credit limit?

Take Charge Today August 2013 Credit Reports and Scores Slide #Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona2.6.1.G1Date Account Was OpenedSAMS ELECTRONIC WORLDAddress: Account Number:123 MAIN STREET 3624****ANYWHERE, AZ 00000Status: Open/Past due 60 days.Date Opened:02/2009Reported Since:02/2010Date of Status:10/2012

Last Reported:10/2012Type:RevolvingTerms:N/AMonthly Payment:$0Responsibility:INDIVIDUAL Credit Limit/Original Amount:$500High Balance:$550Recent Balance:$84 as of 11/2012Recent Payment:$0Account History:60 days as of 10-201230 days as of 09-2012What section of Sams Electronic World accountdescribes date opened?

Take Charge Today August 2013 Credit Reports and Scores Slide #Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona2.6.1.G1Account BalanceAmount the borrower still has to pay back to the lenderSAMS ELECTRONIC WORLDAddress: Account Number:123 MAIN STREET 3624****ANYWHERE, AZ 00000Status: Open/Past due 60 days.Date Opened:02/2009Reported Since:02/2010Date of Status:10/2012

Last Reported:10/2012Type:RevolvingTerms:N/AMonthly Payment:$0Responsibility:INDIVIDUAL Credit Limit/Original Amount:$500High Balance:$550Recent Balance:$84 as of 11/2012Recent Payment:$0Account History:60 days as of 10-201230 days as of 09-2012What section of Sams Electronic World accountdescribes account balance?

Take Charge Today August 2013 Credit Reports and Scores Slide #Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona2.6.1.G1Payment InformationSAMS ELECTRONIC WORLDAddress: Account Number:123 MAIN STREET 3624****ANYWHERE, AZ 00000Status: Open/Past due 60 days.Date Opened:02/2009Reported Since:02/2010Date of Status:10/2012

Last Reported:10/2012Type:RevolvingTerms:N/AMonthly Payment:$0Responsibility:INDIVIDUAL Credit Limit/Original Amount:$500High Balance:$550Recent Balance:$84 as of 11/2012Recent Payment:$0Account History:60 days as of 10-201230 days as of 09-2012What sections of Sams Electronic World account describe payment information?

Take Charge Today August 2013 Credit Reports and Scores Slide #Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona2.6.1.G1Public RecordsInformation from federal, state and county public court recordsDoes Isabella have any public records?

Take Charge Today August 2013 Credit Reports and Scores Slide #Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona2.6.1.G1Potentially Negative ItemsPublic Records

Credit lenders may carefully review the listed items below when they check your credit history. Please note that the account information with some public records, such as a lien or judgment, may also appear later in this report.CITY OF ANYWHERE COURT CLERKAddress: Identification Number:1 COURTHOUSE LANE 10-11-15ANYWHERE, AZ 11000Plaintiff:CITY OF ANYWHEREStatus:Collection account. $680 past due as of 12-2012Status Details:The item was verified and updated as in Dec 2012.Date Filed:06/01/2012Date Resolved:N/AResponsibility:INDIVIDUAL Claim Amount:$358Liability Amount:N/AMAIN COLLECTION AGENCYAddress: Account Number:1001 TOWN BLVD 000102331****ANYWHERE, AZ 10000Status: Collection account. $680 past due as of 01-2013Date Opened:07/2004Reported Since:08/2004Date of Status:10/2012

Last Reported:10/2012Type:RevolvingTerms:N/AMonthly Payment:$0Responsibility:INDIVIDUAL Credit Limit/Original Amount:$550High Balance:$680Recent Balance:$680 as of 10/2012Recent Payment:$0Account History:90 days as of 05-201260 days as of 04-201230 days as of 03-2012Unpaid traffic ticket which City of Anywhere turned over to Main Collection Agency Take Charge Today August 2013 Credit Reports and Scores Slide #Funded by a grant from Take Charge America, Inc. to the Norton Schoo