Credit Profile Basics Credit Profile Basics Credit Profile.

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Presentation transcript:

Credit Profile Basics Credit Profile Basics Credit Profile

The Term ‘Credit’ Is Used In Several Ways Credit history Credit score Credit report Credit bureaus Credit profile Credit Profile Basics Credit Profile

How Buying On Credit Works Credit Profile Basics Credit Profile

Three Credit Bureaus Experian TransUnion Equifax Credit Profile Basics

Credit Terms Defined Credit History Information about how you have managed debt Credit Bureaus Companies that collect information about your debt Credit Score A numerical representation of your creditworthiness Credit Report A summary of your credit history and scores Credit Profile Basics Credit Profile

Understanding Your Credit Profile

How The Credit Bureaus Produce Reports Understanding Your Credit Profile Credit Profile

Credit Reports Include The Following Information About Each Account Date opened Type of account – installment vs. revolving Joint or individual Balance When the last payment was made Any past due information Limit Any additional terms Account status – current/open, closed, charged off, sent for collection Understanding Your Credit Profile Credit Profile

Credit Score Calculations Are Determined By Fair Isaac Corporation (FICO) –independent from the bureaus VantageScore – joint venture among the bureaus

FICO Grading System Understanding Your Credit Profile Credit Profile

VantageScore Grading System Understanding Your Credit Profile Credit Profile

Understanding Your Credit Profile

Tips For Getting And Keeping Great Credit Pay all your bills on time Keep debt low Maintain a good credit score Keep inquiries to a minimum Have health and auto insurance Check your credit once a year Understanding Your Credit Profile Credit Profile

Access Your Credit Report Credit Profile

Elements Of A Credit Plan Access Your Credit Report Credit Profile

How To Obtain Your Credit Report Go to AnnualCreditReport.com Click on “Request your free credit reports” Enter your personal information and click “next” Choose the bureau from which to request your report Verify information Access your free report Print or save as PDF file Access Your Credit Report Credit Profile

Sample Credit Plan Credit Report Credit Score Pull from all 3 bureaus at once Get one from each bureau every 4 months Credit Score Free score from a company Purchase your accurate credit score Review the data for accuracy Start a credit report file Look for trends and identify long-term solutions Monitor regularly and set reminders Access Your Credit Report Credit Profile