1. Credit Reports

2. What is a Credit Report?

3. Credit Report: A record of past borrowing and repayment of debts

4. What is a Credit Report? Credit Report: A record of past borrowing and repayment of debts - Both individuals and Companies

5. What is a Credit Report? Credit Report: A record of past borrowing and repayment of debts - Both individuals and Companies - Includes late payments and bankruptcies Used by banks, stores, and credit card companies for deciding to extend credit

6. What appears on a Credit Report? Initial Loan Amounts Borrowing Limits Current Balances Types of Credit Payment History Opening Date of Credit Recent Credit Inquiries – When & Who Late Payments Bankruptcies (7 years) Previous Names and Addresses

7. Credit Scores:

8. Range from 300 to 850

9. Credit Scores: Range from 300 to 850 A “good” credit score is considered to be anything over 760 3 Different reporting agencies: – TransUnion – Equifax – Experían

10. DON’T FALL FOR THE ADS!! Most “Free” Credit Reports are NOT free! The only website that provides free credit reports is: www.annualcreditreport.com - Can obtain a report from each agency once per year

11. What Hurts a Credit Score?

12. Bankruptcies Collections Late Payments High Revolving Credit Balances High debt level Having only one type of debt Short credit history * Frequent credit inquiries

13. Who Uses Credit Scores?

14. Lenders Stores Credit Card Companies Insurance Companies Landlords Employers