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Give Yourself Some Credit Understanding Your Credit Report Student Name - Economics 101.

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Presentation on theme: "Give Yourself Some Credit Understanding Your Credit Report Student Name - Economics 101."— Presentation transcript:

1 Give Yourself Some Credit Understanding Your Credit Report Student Name - Economics 101

2 Credit Report Fundamentals Generated by three companies – Experian – Equifax – TransUnion Factors – How much you owe to each company – Payment history for each company Includes utilities, medical expenses, rent Student Name - Economics 101

3 How FICO is Calculated Range – 760 (excellent) to 620 (poor) – 35% - Payment history – 30% - Amounts owed – 15% - Credit history length – 10% - New credit – 10% - Credit types Student Name - Economics 101

4 Improve Your FICO Score Pay bills on time Avoid opening many new accounts – Open only if you intend to use Keep balances low – Less than 25% of credit limit Review credit report yearly Student Name - Economics 101

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