APPLYING FOR CREDIT WHAT DOES A LENDER NEED TO KNOW ABOUT YOUR CREDIT HISTORY TO EXTEND CREDIT? CHAPTER 6: PAGE 169 NAME TEACHER DATE NAME, TEACHER AND DATE

NAME, TEACHER AND DATE

THE FIVE C’S OF CREDIT: The five key elements a borrower should have to obtain credit: character (integrity), capacity (sufficient cash flow to service the obligation), capital (net worth), collateral (assets to secure the debt), and conditions (of the borrower and the overall economy). https://www.experian.com/blogs/ask-experian/credit-education/score-basics/what-is-a-good-credit-score/ NAME, TEACHER AND DATE

: NAME, TEACHER AND DATE Credit Score Rating % of People Impact 300-579 Very Poor 17% Credit applicants may be required to pay a fee or deposit, and applicants with this rating may not be approved for credit at all. 580-669 Fair 20.2% Applicants with scores in this range are considered to be subprime borrowers. 670-739 Good 21.5% Only 8% of applicants in this score range are likely to become seriously delinquent in the future. 740-799 Very Good 18.2% Applicants with scores here are likely to receive better than average rates from lenders. 800-850 Exceptional 19.9% Applicants with scores in this range are at the top of the list for the best rates from lenders. NAME, TEACHER AND DATE

THE FIVE C’S OF CREDIT (COMPLETE A CONTENT SLIDE FOR EACH CREDIT POLICY) WHEN A LENDER… NAME, TEACHER AND DATE

C1:__ ESSENTIAL QUESTION__ TEXT OBJECT NAME, TEACHER AND DATE

C2:__ ESSENTIAL QUESTION__ TEXT OBJECT NAME, TEACHER AND DATE

C3:__ ESSENTIAL QUESTION__ TEXT OBJECT NAME, TEACHER AND DATE

C4:__ ESSENTIAL QUESTION__ TEXT OBJECT NAME, TEACHER AND DATE

C5:__ ESSENTIAL QUESTION__ TEXT OBJECT NAME, TEACHER AND DATE

CREDIT RATING: PAGE 170 WHAT IS A CREDIT RATING? NAME, TEACHER AND DATE

Who are the 3 credit agencies? Information on the 3 National Credit Reporting Agencies or Credit Bureaus Who are the 3 credit agencies? The 3 national credit reporting agencies in the United States are Equifax, Experian, and Trans Union. Experian was formerly known as TRW. A fourth national credit reporting agency named Innovis exists, but does not currently seem to factor into decisions for denials of credit, insurance or employment. It is more in a development stage. NAME, TEACHER AND DATE

CREDIT AND EQUAL OPPORTUNITY PAGE 172 NAME, TEACHER AND DATE

WHAT IF YOUR APPLICATION IS DENIED? PAGE 172 NAME, TEACHER AND DATE

CREDIT APPLICATION INFORMATION: PAGE 172 NAME, TEACHER AND DATE