© South-Western Educational Publishing Chapter 17 Credit Records and Laws Establishing Good Credit Credit Ratings and Legal Protection.

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Presentation transcript:

© South-Western Educational Publishing Chapter 17 Credit Records and Laws Establishing Good Credit Credit Ratings and Legal Protection

GOALS © South-Western Educational Publishing Lesson 17.1 Establishing Good Credit Discuss the importance of credit records and summarize how and why records are compiled. Describe the five Cs of credit. Explain how to get started using credit.

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

© South-Western Educational Publishing Credit bureau Credit history Credit report Subscribers

© South-Western Educational Publishing 3 Credit Bureaus TransUnion: Equifax: Experian:

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

© South-Western Educational Publishing 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.

GOALS © South-Western Educational Publishing 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 Credit Ratings Excellent credit rating=??? Good credit rating=??? Fair credit rating=??? Poor credit rating=???

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

© South-Western Educational Publishing Credit Laws Consumer Credit Protection Act – consumers must be fully informed of a credit purchase before signing. Fair Credit Reporting Act – you have a right to know who looked at your credit file, and you also have the right to fix any inaccurate info. on your credit report.

© South-Western Educational Publishing Credit Laws Fair Credit Billing Act – creditors must fix errors on your bill quickly. Equal Credit Opportunity Act – can NOT discriminate when deciding to give credit to someone. Fair Debt Collection Practices Act – bill collectors can NOT be abusive or threatening

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