Chapter 17 Credit Records and Laws

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Presentation transcript:

Chapter 17 Credit Records and Laws MYPF CHAPTER 17 13-SEPT-2001 Chapter 17 Credit Records and Laws Establishing Good Credit Credit Ratings and Legal Protection © South-Western Educational Publishing

Lesson 17.1 Establishing Good Credit Discuss the importance and purpose of credit records. Describe the five Cs of credit. Explain how to get started using credit. © South-Western Educational Publishing

Credit Records Your credit file How information is gathered and used Types of information stored © South-Western Educational Publishing

Credit Bureaus Major U.S. credit bureaus Credit history Credit report TransUnion Experian Equifax Credit history Credit report Subscribers © South-Western Educational Publishing

C Creditworthiness Character Capacity Capital Conditions Collateral Five Cs of Credit © South-Western Educational Publishing

Getting Started with Credit Begin with a savings account. Open a checking account. Open a store credit account. Get a small loan. Apply for a credit card. © South-Western Educational Publishing

Lesson 17.2 Credit Ratings and Legal Protection Describe credit ratings and a point system for determining creditworthiness. Outline the contents of a credit report. Discuss the protections provided by the major credit laws. © South-Western Educational Publishing

Credit Ratings Point system How reliably money is paid back Excellent credit rating Good credit rating Fair credit rating Poor credit rating © South-Western Educational Publishing

Credit Reports Summary of information Public record information Credit information Account detail Requests for credit history Personal information © South-Western Educational Publishing

Credit Laws Consumer Credit Protection Act Fair Credit Reporting Act Fair Credit Billing Act Equal Credit Opportunity Act Fair Debt Collection Practices Act © South-Western Educational Publishing

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