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Chapter 17 Credit Records and Laws

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1 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

2 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

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

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

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

6 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

7 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

8 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

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

10 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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