1. “ Understanding Credit” Presented by: Sulie Richardson

2. Learning Goals Why use credit? Who wants to see report & why Understanding the credit reporting system What’s in your credit report How to dispute inaccurate information What makes up your credit score How to fix bad credit

3. What is Credit?

4. Know how much of your spend-able income is safe to spend on credit Pay all bills on time Have an adequate emergency fund Have a written spending plan Track your spending Live within your means

5. Credit Reporting System Consumer Creditor Credit Bureaus

6. Who wants to see your credit report?

8. Understanding your credit report

9. Reviewing your credit report Information is collected from creditors and public records Disputing inaccurate information –30 days to investigate and communicate

10. Note: There are no quick fixes to repairing credit… Other considerations Identity Theft Victim Consolidate debts Reduce unwanted credit card solicitations (optoutprescreen.com or call 888-5-opt-out)

11. Credit Repair Clinics

12. Credit Score

13. www.myfico.com

14.  New credit  Amount Owed to creditors  Length of credit history  Payment history  Types of credit currently in use 30% 35% 15% 10%

15. Savings secured loan Pay creditors Make payments on time Pay down credit cards and the revolving loans Grow your credit score… Secured credit card

16. Expensive Credit Refund anticipation loans Rent-to-own Car title loans Beware of co-signing

17. Questions & Comments! Thank you!