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Mr. Stasa – Willoughby-Eastlake City Schools ©. Tesh Tip of the Day…  NEVER pay late when it comes to credit cards and other loans. Especially if you’ve.

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Presentation on theme: "Mr. Stasa – Willoughby-Eastlake City Schools ©. Tesh Tip of the Day…  NEVER pay late when it comes to credit cards and other loans. Especially if you’ve."— Presentation transcript:

1 Mr. Stasa – Willoughby-Eastlake City Schools ©

2 Tesh Tip of the Day…  NEVER pay late when it comes to credit cards and other loans. Especially if you’ve had a long history of good credit - one late payment can knock 100 points off your score. If you can’t remember to mail a check every month, set up a recurring payment online. http://www.youtube.com/watch?v=xQyGatqimdE

3  A credit bureau is a company that collects consumer credit information from a variety of creditors (institutions who lend money) to organize a credit report.  A credit report lists a consumer’s credit activity, including borrowing and repaying.

4 1. Equifax 2. Experian 3. TransUnion You are entitled to one free copy of your credit report from each of the three credit reporting bureaus during any 12-month period. http://www. bankrate.co m/finance/cr edit- cards/6- items-to- review-on- your-credit- report- 1.aspx

5  AnnualCreditReport.com (free credit report)  Equifax.com  Experian.com  TransUnion.com  1-877-322-8228  Your bank http://www.youtube.com/watch?v=pbHl9y59B2E

6  Personal information  Credit information  Negative items  Credit Inquiries

7 Personal Information  Name  Current and past addresses  Social security number  Date of birth  Employment history  Name – Isabella G. Langley  Date of birth – 05/04/86  Telephone numbers – 555354.2368 & 555.198.2358  Employers – Lucky’s Restaurant & Jane’s Daycare  Addresses – 101 Hopeful Ave. & 695 Parent Street

8  Types of accounts  Date the account was opened  Credit limit or loan amount  Account balance  Payment history Isabella’s Accounts  Sam’s Electronic World  City of Anywhere  U.S. Department of Education  Financial Institution School Loan  Shop ‘Til You Drop Store Credit Card  Love to Read Store Credit Card  The Free Money Credit Card Credit Information

9 Negative Items  Missed payments  Collection agencies  Public records  Bankruptcy  Tax liens  Legal suits  Foreclosures Isabella’s Negative Items  Sam’s Electronic World  Past due  City of Anywhere  In Collection  Shop ‘Til You Drop  Occasional late payments  The Free Money  Over the credit limit Negative Items

10 Credit Inquiries  Credit Inquiries are requests for an individual’s credit report  Completed by:  Insurance agencies  Potential credit companies  Financial institutions  Landlords  Potential employers, etc.

11 Credit Inquiries Not all credit inquiries are the same! Type of inquiry Soft checkHard check Do they impact your credit score? Not usuallyYes Examples  Individuals checking their credit reports  Credit card companies pre- approving individuals  Pre-employment checks Permission given by the individual when seeking credit  Credit card  Automobile loan  Insurance Individuals should avoid too many hard credit checks at one time! https://www.wisepiggy.co m/credit_tutorial/credit_sc ore/pop-quiz-do-you- know-what-affects-your- credit-score.html


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