Presentation on theme: "Chapter 6 Credit Bureaus and Collection Practices Day 3."— Presentation transcript:
Chapter 6 Credit Bureaus and Collection Practices Day 3
Essential Question How does your credit rating affect you?
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?
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
Dave Ramsey Videos Chapter Six — Credit Bureaus and Collection Practices Part 1& 2
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