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Chapter 6 Credit Bureaus and Collection Practices Day 3.

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Presentation on theme: "Chapter 6 Credit Bureaus and Collection Practices Day 3."— Presentation transcript:

1 Chapter 6 Credit Bureaus and Collection Practices Day 3

2 Essential Question How does your credit rating affect you?

3 Journal Activity Read “Credit Report Information”“Credit Report Information” Questions: ◦ What are the 3 major companies that maintain credit reports? ◦ What might a creditor use your credit report and credit score for? ◦ How often does your credit report update? ◦ What six main sections is your credit report divided into? ◦ How long can negative records stay on your credit report? ◦ Do all creditors report to all 3 credit bureaus? ◦ How often should you check your 3 credit reports? ◦ If you find inaccurate information on your credit report, who can you contact?

4 Journal Activity-3 Tweets Type 3 Tweets in Word & print them. Your 3 Tweets should be formative, clever, witty, opinionated, etc. Partner up with someone who is doing something that you’re going to do on Spring Break. Partner stars your best Tweet

5 Dave Ramsey Videos Chapter Six — Credit Bureaus and Collection Practices Part 1& 2

6 Credit Report Sample Credit Report

7 Summary Is your FICO score an indication that you’re financially winning? Your FICO score is computed by the following method: 35% is debt history, 30% is debt level, 15% is length of time in debt, 10% is type of debt and 10% is new debt. Protect yourself from Identity Theft The credit bureau has 30 days to respond to a dispute Routine check-ups, along with paying your bills on time, keeping your credit card balances below 35% of their limits, and correcting any inaccuracies will help ensure your credit reports are viewed in the most favorable light. Control what you can control

8 Tell me one thing that you learned today.

9 Homework Complete “Reading A Credit Report” Worksheet

10 Day 4 Activity: “Avoiding Online Fraud” worksheet DR Video-Chpt 6 Part 3 &4 Game Day-Pay Day Game

11 Day 5

12 Day 5 cont… 2)Dave Ramsey Unit 2 Review Quiz (Sporcle)Dave Ramsey Unit 2 Review Quiz WORD BANK

13 Day 5 (cont…) 3) DR Video Chpt 6 Part 5 & 6 4)Pro Rata Debts Worksheet ◦ Homework (if not finished in class)


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