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Credit Presentation for CTW workshop
Transcript of Credit Presentation for CTW workshop
Equifax Transunion credit report: (n)(n) cred-it re-port [kreddit ri-pawrt]
1. record of your financial behavior, detailing your credit history as it has been reported by lenders that extended you credit(ie:loans, credit cards, cell phones, etc). Three national credit reporting agencies/bureaus maintain these records PO Box 949
Allen, TX 75013-0949
www.experian.com PO Box 740241
Atlanta, GA 30374-0241
www.equifax.com PO Box 390
Springfield, PA 10964-0309
www.transuion.com what's in a credit report? Personal information name birth date past employers phone numbers past addresses credit history types of credit length of time account have been open bill payment history public records bankruptcies judgements tax liens Inquiries what's missing? your credit report cannot contain: medical history bank account history-unless an account went to collections gender race national origin religion what is a credit score? credit score: (n) cred-it score [kreddit skawr]
1. a number between 300-900 that indicates how likely you are to repay debts, based on a snapshot of your credit report at a particular point in time. A credit score helps lenders evaluate your credit report and estimate your credit risk. Your credit score also influences the credit that's available to you and the terms(ie: interest rate) that lenders offer you credit scores are based on:
payment history amount of available credit amount of credit currently being used length of credit history recent requests for credit inquiried tips for good credit: 1. Always pay all of your bills on time
this proves your reliability and demonstrates consistant behavior and responsibility 2. Control your debt Lenders like to see balances below 50% of your available credit, ideally you should keep balances below 30% 3. Check your credit reports regularly and correct inaccuracies verify the information reported about you is correct. Dispute anything incorrect with each of the credit bureaus immediately-this can be done by phone, through the bureaus' website as well as by mail. Once you initiate a dispute, the bureaus have 30 days to notify you of the status of the dispute 4. Monitor your accounts for fraud and/or signs of identity theft review each statement and verify that all bills are authorized, accurate and are yours. Guard PINS and account numbers and always report unauthorized activity immediatly. It is a good idea to maintain a list of your account numbers and their cooresponding toll-free, 24-hour customer service numbers in a handy secure place seperate from your wallet in case it is stolen or lost DOs DONT open a number of new credit cards that you dont need just to increase your available credit DONT use credit repair agencies that charge a fee to increase your score by removing negative but accurate information from your credit report DONT close unused credit cards as a short-term strategy to raise your credit score DONT open a lot of new accounts too rapidly if you have been managing credit for a short period of time
DO keep balances below 20% of the limit on credit cards DO pay off debt rather than moving it around DO pay off any collections or judgements as soon as you are able DO try and pay the full balance or more than the minimum monthly payment on credit accounts and DONTs credit 101 promotional consumer initiated free report? www.annualcreditreport.com you are entitled by law to obtain one free credit report from each of the three major bureaus per year. After you have received your free report, the next request is $3 per report and $11 per report after that. how to order a credit score: www.myFICO.com You can request a credit score from one, two or all three of the bureaus for $14.95 per score