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Credit and Credit Reports

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1 Credit and Credit Reports
Heather Greenwood Virginia Cooperative Extension Fauquier County Office

2 Topics of the day What is credit? What is a credit report?
What is in my credit report? Correcting credit report errors Improving credit reports

3 What is credit? Purchase now and pay over time Legal contract
Repay principal and interest Is it really someone else’s money you are borrowing?

4 What is a credit report? Record of: Does not include: credit repayment
total debt Does not include: race religion political preference criminal record unrelated to credit medical history

5 What’s in my credit report?
Identifying information current / previous addresses, phone number , SSN, birth date, employer Credit information all accounts, payment history, loan balance/limit Public record information bankruptcy, foreclosure, tax liens, judgements Inquiries

6 Ordering a Credit Report
Equifax Experian 888-EXPERIAN www. experian.com Transunion

7 Understanding Your Credit Report
Read information that accompanies the credit report Visit credit report website Call credit reporting agency Enroll in the Virginia Cooperative Extension’s Financial Mentor program Ask a loan officer

8 Credit Scores Used to predict the likelihood of repayment
Score is computer-assigned Creditors use this as one tool in determining if you will receive a loan What is a good score? How can I improve my credit score?

9 Common Errors Someone else’s information is on your report
Closed account still indicates it is open Accounts you did not open are listed Old information has not been deleted

10 Correcting Errors Follow instructions included with the credit report
Credit bureau will investigate Within 30 days, the bureau must find the information to be correct or incorrect Correct, information will remain Incorrect, information is removed

11 Correcting Errors Credit bureau may request additional information
canceled check, payment information, letter from creditor Contact creditor directly 100 word explanation if information is correct but has extenuating circumstances

12 Improving Credit Develop a budget for all household expenses
Pay bills on time every month Use a bill calendar Make arrangements if you are out of town Automatic payments from checking account (MUST track carefully)

13 Improving Credit (cont.)
Pay loans first Pay off credit cards every month (credit cards are loans) Pay more than minimum due Do not max the credit limit Only apply for credit you need Choose a low interest / no annual fee card

14 Improving Credit (cont.)
Use credit card to establish good credit Reduce expenses and increase income Keep track of bills and past-due notices Shred ALL credit card offers as soon as they arrive

15 HELP!!! I can’t pay the bills...
Call creditors IMMEDIATELY!!! Contact Virginia Cooperative Extension Financial Mentor Program Contact a consumer credit counseling agency Stay away from “credit-repair” companies

16 How long will this stay on my report?
Bankruptcy 7-10 years Foreclosure 7 years Late payments 2-7 years Judgements Collection accounts 2-7 years Repossession 7 years Unpaid delinquent accounts indefinitely

17 Non-traditional Credit Report
Copies of bills / cancelled checks Landlord / utility letter indicating timely payment history Keep track for at least 2 years Consider a low balance credit card If married, have accounts in own name

18 Questions? For more information, contact: Heather Greenwood
Virginia Cooperative Extension ext. 13

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