A summary of your financial reliability

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2 A summary of your financial reliability Used by banks and other financial institutions, landlords, utility companies and insurance companies 3 major credit bureaus: Transunion, Equifax, Experian

3 1. Identifying (Personal) Information Name and address, former addresses, employer, date of birth, SSN 2. Public Record (Legal Items) Lawsuit, liens, bankruptcy, foreclosures, repossessions, garnishments, tax liens 3. Collection Items Date and amount of collection, company 4. Account Information Loan holder, date reported, date opened, high balance, payment status 5. Inquiries Date, company

4 Commonly used acronym for credit score (FICO = Fair Isaac Corporation) A point system based on credit history designed to help predict how likely you are to make late payments or default on a loan FICO scores range from 350 to 850 points The higher the FICO score, the better and more favorably lenders view you as a credit risk

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6 1. To access risk and the probability of default 2. To determine whether to approve a loan and how to structure the loan 3. To price the loan

7 E Credit A Credit or Subprime or Prime (555 Score) (721 Score) Loan Amount $25,000 $25,000 Term 72 Months 72 Months Rate 17.00% 5.99% Approx. Payment $556 $414 Total Payments $40,032 $29,808 $40,032 29,808 Savings $10,224

8 Your employer or occupation Income Interest rates being charged Where you live Length of employment Your age

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10 Most Weight Least Weight Public Records Collections Late Pays Bankrupts Foreclosures Repossessions Judgments Garnishments Tax Liens Current & Previous Regardless of Payment Amount

11 Public Records Public Records Public Records Late Pays 730 Year B A N K R U P T Year Year days 3 Creditors 1 month Time Instant Bounce Back

12 One Plastic vs. Several Plastics Credit Cards 1 10 Limits $1,000 $50,000 Balances $850 $12,000 % Used 85% 24% % Available 15% 76%

13 Lose/Gain approximately 1 point for every percent that you use up or pay down How to Gain Capacity Pay down or payoff all revolving debt Raise revolving limits Both Keep Utilization Ratio below 25%

14 How could closing a credit card affect this? Visa $1000 credit limit balance $500 Discover $500 credit limit balance $100 Mastercard $2000 credit limit balance $0 Total credit limit: $3500 Total balance: $600 Utilization Ratio: 17% Close Mastercard Total credit limit: $1500 Total balance: $600 Utilization Ratio: 40%

15 Almost impossible to score 700+ points With any current or recent delinquency Without good capacity If very credit active Will score in 600-point range if doing okay with capacity OR some slow pay Will always score around 500 or lower with no capacity AND current delinquencies

16 Oldest Reporting Trade Line Example: Sears opened 15 years ago If Sears is closed and no longer reports, the oldest trade line will be the next one in line Average Age of All Other Trade Lines Example: Tigers Kohl s Combined total Average age of credit: 12 2 = 6 years 10 years 2 years 12 years How would closing your Sears card affect this? Tigers card?

17 1. Inquiries Voluntary List for 24 Months Scoring = Last 12 Months Only Each Inquiry = 5 Points Like Inquiries Count as 1 (within 45 days) Involuntary Does not impact score Account review, Utilities, Employee inquiries, Insurance inquiries, promotional 2. New Trade Lines Last 0-18 months

18 Revolving Installment Mortgages Credit Cards Lines of Credit -The majority of debt should not be revolving Auto Loans Personal Loans Student Loans

19 How long does information stay on your report? Seven Years Accounts sent for collection or charged off Lawsuits and judgments Paid tax liens Most criminal records Ten Years Bankruptcies Forever Records of criminal convictions Positive information

20 Check credit report regularly fix errors Focus on correcting your negative factors Keep your credit card balances low Rate shop within a focused period Keep your unused credit cards open Build credit in your own name Pay your bills on time

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22 When someone steals your identity and uses it fraudulently Financial Medical Criminal/Arrest Child Can ruin your good credit

23 How do thieves get your information? Trash dumpster dive Steal wallet or purse Steal mail Phishing or fake s Steal records from employer

24 FTC Video Deter, Detect, Defend n-swm

25 Prevention is the best way to avoid becoming a victim Place a security freeze on your credit file. Keep Social Security Card in a safe place Do not write your PIN number on any cards you carry SHRED/SHRED/SHRED!! Do not give personal information to others Pay with cash Check credit report frequently annualcreditreport.com Don t use easy passwords

26 Check credit report for errors If you see ANY errors get them fixed File a dispute with the credit bureau they have to research it January Transunion May Equifax September - Experian

27 Contact the Fraud department of one of the three credit bureaus and place a Fraud Alert on your account Close any accounts that have been tampered with File a report with your local police department File a complaint with the FTC

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