1. 3/15/16 BellRinger: Go to Edmodo and complete the “Mini-KOSSA Test #7” Group Code: cz3ejc when complete go to www.mrrocksclassroom.weebly.com and open the file “Understanding Credit Reports”www.mrrocksclassroom.weebly.com Today’s Agenda: 1)Discuss Credit Reports (BR & Exit Slip) 2)Test your Credit Score/Bankruptcy knowledge 3)Research Credit Reports 4)Analyze a Credit Report and make 5 recommendations Learning Target: I will analyze a credit report and make recommendations to improve credit scores.

2. Respond to the question below (be ready to discuss): Q: What affects can having a bad credit score have on a person??? Learning Target: I will analyze a credit report and make recommendations to improve credit scores.

3. How can a bad credit score or no credit score affect you borrowing money? Learning Target: I will analyze a credit report and make recommendations to improve credit scores. #1 #2 + + = =

4. How can a bad credit score or no credit score affect you borrowing money? Learning Target: I will analyze a credit report and make recommendations to improve credit scores. #2 + = but Loan was approved… but the interest rate was 2% higher…this costs the borrower an additional $133/month… $1,596/year, and $47,760 over a 30 year period.

5. Learning Target: I will analyze a credit report and make recommendations to improve credit scores. How Your Credit Score Influences Your Interest Rate REMEMBER Loan amortization schedule!!!! Interest ratesInterest rates have a big impact on the cost you pay for borrowing $

6. Credit Reports…What are they? 6 Learning Target: I will analyze a credit report and make recommendations to improve credit scores.

7. Creditors Debtors Bankruptcy += But sometimes…. Learning Target: I will analyze a credit report and make recommendations to improve credit scores.

8. Credit Reports & Credit Scores Test your current knowledge!!! 8 http://www.creditscorequiz.org / Go to the site above and take the Credit Report quiz to test your knowledge. When finished, raise your hand so Mr. Rock can document your score. Learning Target: I will analyze a credit report and make recommendations to improve credit scores.

9. www.annualcreditreport.com Tell your parents…Any person 18+ can get one (1) free credit report per year!!! Learning Target: I will analyze a credit report and make recommendations to improve credit scores.

10. “Understanding Credit Reports” Use the file(s) “Understanding Credit Reports” and “Credit Report Q’s” on class website and Be Ready to discuss Learning Target: I will analyze a credit report and make recommendations to improve credit scores. 1. What is a credit report? (1 point) 2. Identify three informational items listed on a consumer’s credit report. (3 points) 3. List three ways to build credit. (3 points) 4. List four strategies to build a good credit rating. (4 points) 5. What is the general rule about using credit? (1 points) 6. What are three ways a consumer can harm his/her credit score? (3 points) 7. Who are the three credit reporting agencies in the U.S.? (1 points) 8. Define credit score. (1 point) 9. What are the five categories and the percentages important to a credit score? (10 points) 10. List three ways a credit score can affect a consumer. (3 points)

11. Credit Reports “Carolina Blue” A terrible credit report… Learning Target: I will analyze a credit report and make recommendations to improve credit scores. Directions: Carefully read the credit report for “Carolina Blue” and try to find all negative items that will pull her credit score down. Respond to the 2 Q’s on the back.

12. 1) 2) 3) 4) EXIT SLIP (turn in when you leave) – Top Tray On your sheet of paper, respond to the following Q’s: 1) What are the consequences of credit abuse and non- payment of debts on you, your credit report, the lender? 2) What recommendations do you have to someone to keep their credit report good, great, perfect? 3) When you are in the “real world”, what will you do to keep your credit report/scores STRONG? 4) What additional Q’s do you have about Credit scores and/or credit reports? Learning Target: I will analyze a credit report and make recommendations to improve credit scores.