Student Loans and Credit Reports
|
|
- Samuel Kennedy
- 8 years ago
- Views:
Transcription
1 Student Loans and Credit Reports
2 We Will Discuss The role of credit in personal finance Review of credit terms and factors Impact of student loans on reports and scores Next steps you can take to encourage and educate your borrowers
3 The Role of Credit in Personal Finance
4 Credit is an Obligation Help students understand their obligations and options as a borrower Credit is a contract that allows for purchases and services now but pay later with interest
5 Good Credit Behavior is Rewarded Good credit enables students to: Qualify for Grad PLUS, private, or other consumer loans Receive lower interest rates and fees Receive lower insurance rates Buy a home or rent an apartment Secure employment Avoid cash deposit requirements
6 Review of Credit Terms and Factors
7 Credit Reporting Agencies Collect and store the credit records of millions of individuals Provide credit reports to paid subscribers and consumers Work together to develop, maintain, and enhance an industry-standard reporting format
8 Major Credit Reporting Agencies 745 Anton Blvd. Costa Mesa, CA (888) P.O. Box Atlanta, GA (800) P.O. Box 1000 Chester, PA (800)
9 Federal Student Loan Reporting Requirements Loan holder must Report information on each student loan it makes to all credit bureaus within 90 days of each disbursement ED strongly encourages holders to wait until the borrower is at least 60 days delinquent
10 Credit Report Credit report summarizes an individual s financial history Used by creditor to predict risk Applicant is able to handle additional credit Applicant is responsible with personal finances
11 What the Credit Report Says About a Borrower Which types of credit they use Revolving Retail store cards Credit cards Installment Installment Credit Auto loans Home loans Student loans Whether they pay their bills on time How much they owe How much credit they have available Mortgages
12 Information Found on the Credit Report Personal Information Name, address, birth date, and employer Account Information Date opened, credit limit, balance, monthly payment Public Record Information Bankruptcies, judgments, wages garnishments
13 Information Found on the Credit Report Inquiries Your own, from lenders, from employers landlords, etc. Statements of Dispute Date opened, credit limit, balance, monthly payment
14 How Long Negative Information Remain on a Credit Report Defaulted Loans 7 years from the date the loan was 30 days delinquent Bankruptcies 7 years for complete Chapter 13 bankruptcies and 10 years for Chapter 7 bankruptcies Late Payments 7 years
15 How Long Negative Information Remain on a Credit Report Collections Generally, about 7 years, depending on the age of the debt being collected Public Records Generally, about 7 years Foreclosures 7 years
16 In-School Status Great Lakes/U.S. Department of ED Address: 2401 International Ln Madison, WI xxx-xxxx Address Identification Number: Status: Open in good standing Account Number: Date Opened: 09/2010 Reported Since: 09/2010 Date of Status: 11/2013 Last Reported: 03/2014 Type: Education Loan Terms: Monthly Payment: $0 Responsibility: Individual Credit Limit/Original Amount: $22,000 High Balance: Recent Balance: N/A Recent Payment: $0
17 In-Repayment Status Great Lakes/U.S. Department of ED Address: 2401 International Ln Madison, WI xxx-xxxx Address Identification Number: Status: Open account in good standing Account Number: Date Opened: 09/2008 Reported Since: 09/2008 Date of Status: 11/2013 Last Reported: 03/2014 Type: Education Loan Terms: 120 Months Monthly Payment: $253 Responsibility: Individual Credit Limit/Original Amount: $22,000 High Balance: Recent Balance: $20,433 Recent Payment: $253
18 Delinquent Status Great Lakes/U.S. Department of ED Address: 2401 International Ln Madison, WI xxx-xxxx Address Identification Number: Status: Account past due 60 days Account Number: Date Opened: 09/2008 Reported Since: 09/2008 Date of Status: 11/2013 Last Reported: 03/2014 Type: Education Loan Terms: 120 Months Monthly Payment: $253 Responsibility: Individual Credit Limit/Original Amount: $22,000 High Balance: Recent Balance: $20,344 Recent Payment: $0
19 Deferred Status Great Lakes/U.S. Department of ED Address: 2401 International Ln Madison, WI xxx-xxxx Address Identification Number: Status: Open/Deferred until 5/2014 Account Number: Date Opened: 06/2008 Reported Since: 09/2008 Date of Status: 11/2013 Last Reported: 03/2014 Type: Education loan Terms: N/A Monthly Payment: $0 Responsibility: Individual Credit Limit/Original Amount: $22,000 High Balance: N/A Recent Balance: $20,445 Recent Payment: $0
20 Consolidation Loan Status Great Lakes/U.S. Department of ED Address: 2401 International Ln Madison, WI xxx-xxxx Address Identification Number: Status: Closed/Transferred Account Number: Date Opened: 06/2008 Reported Since: 09/2008 Date of Status: 11/2013 Last Reported: 03/2014 Type: Education Loan Terms: N/A Monthly Payment: $0 Responsibility: Individual Credit Limit/Original Amount: $22,000 High Balance: N/A Recent Balance: $0 Recent Payment: N/A
21 Paid in Full Status Great Lakes/U.S. Department of ED Address: 2401 International Ln Madison, WI xxx-xxxx Address Identification Number: Status: Closed/paid/zero balance Account Number: Date Opened: 06/2008 Reported Since: 09/2008 Date of Status: 11/2013 Last Reported: 03/2014 Type: Education Loan Terms: N/A Monthly Payment: $0 Responsibility: Individual Credit Limit/Original Amount: $22,000 High Balance: N/A Recent Balance: $0 Recent Payment: $253
22 Defaulted Status Great Lakes/U.S. Department of ED Address: 2401 International Ln Madison, WI xxx-xxxx Address Identification Number: Account Number: Status: Claim filed with federal government Date Opened: 06/2008 Reported Since: 09/2008 Date of Status: 11/2013 Last Reported: 03/2014 Type: Education loan Terms: N/A Monthly Payment: $0 Responsibility: Individual Credit Limit/Original Amount: $22,000 High Balance: N/A Recent Balance: $0 Recent Payment: $0
23 Rehabilitated Student Loans Loan(s) will no longer be considered to be in a default status The default status reported by loan holder will be deleted from credit report History of delinquencies will remain on credit report
24 Rehabilitated Student Loans Great Lakes/U.S. Department of ED Address: 2401 International Ln Madison, WI xxx-xxxx Address Identification Number: Status: Open/Account in good standing Account Number: Date Opened: 09/2012 Reported Since: 09/2012 Date of Status: 11/2013 Last Reported: 03/2014 Type: Education Loan Terms: 300 Months Monthly Payment: $175 Responsibility: Individual Credit Limit/Original Amount: $27,500 High Balance: Recent Balance: $25,234 Recent Payment: $175
25 Credit Score A number that predicts the likelihood of repaying debts on time Based on a mathematical equation that evaluates many types of information in the credit report Each credit bureau offers credit scores for purchase FICO is most commonly used model Scores range from 300 to 850
26 Factors That Make up a Credit Score 10% 10% 15% 30% 35% Payment History Number of days delinquent Time since last delinquency Number of delinquent accounts Source: myfico.com
27 Factors That Make up a Credit Score 10% 10% 15% 30% 35% Student Loan Impact Late payments could drop the score by as much as points Source: myfico.com
28 Factors That Make up a Credit Score 10% 10% 15% 30% 35% Amounts Owed Total amount owed compared to original loan amount on installment accounts Source: myfico.com
29 Factors That Make up a Credit Score 10% 10% 15% 30% 35% Student Loan Impact Student loan amounts are included in overall debt balances Source: myfico.com
30 Factors That Make up a Credit Score 10% 10% 15% 30% 35% Length of Your Credit History The amount of time since credit accounts have been opened Source: myfico.com
31 Factors That Make up a Credit Score 10% 10% 15% 30% 35% Student Loan Impact Staying in good standing will improve their score over time Source: myfico.com
32 Factors That Make up a Credit Score 10% 10% 15% 30% 35% New Credit The number and time since recent inquiries for new credit Source: myfico.com
33 Factors That Make up a Credit Score 10% 15% Source: myfico.com 10% 30% 35% Student Loan Impact No impact from Federal Stafford application Parent/Grad PLUS application will count as a hard inquiry and may lower the score slightly
34 Factors That Make up a Credit Score 10% 10% 15% 30% 35% Types of Credit Used Looks at the mix of credit types in your credit file Source: myfico.com
35 Factors That Make up a Credit Score 10% 10% 15% 30% 35% Student Loan Impact Student loans are a form of installment credit Source: myfico.com
36 Impact of Student Loans on Credit Reports and Scores
37 Impact During In-School Period Loan Application Stafford loans (no credit review required) PLUS loans (credit review required, will show as an inquiry) Credit Report Credit Score Private loans (credit review required, will show as an inquiry)
38 Impact During In-School Period Disbursement Credit Report Credit Score Federal Student loans (reported within 90 days) Private Student Loans (varies by lender)
39 Impact During Post-Enrollment Period Repayment Credit Report Credit Score On-time payments Delinquent payments Deferred/In-Forbearance
40 Next Steps: Educate and Encourage
41 Encourage Student Loan Borrowers Understand their obligations as a borrower Utilize NSLDS to keep track of the federal student loans
42 Encourage Student Loan Borrowers Become familiar with the information in their credit reports Consumers are entitled to one free credit report per credit bureau in a 12-month period Official site annualcreditreport.com
43 Encourage Student Loan Borrowers Choose an affordable payment plan Make payments on time Set up auto-debit
44 Encourage Student Loan Borrowers Contact the servicer immediately Difficulties making a payment Change payment due date Change payment plans Catch up on missed payments if they become delinquent
45 Resources You Can Use
46 Resources Cashcourse.org provides free, customizable financial education resources for colleges Can be added to your school s website Includes tools such as Budget Wizard and workshop materials Provided by the National Endowment for Financial Education (NEFE )
47 Resources Practicalmoneyskills.com Credit card and debt; saving and spending; calculators; videos and more
48 Resources Annualcreditreport.com or (877) Myfico.com Bankrate.com Optoutprescreen.com
Student Loans and Credit Reports
Student Loans and Credit Reports We Will Discuss The role of credit in personal finance Review of credit terms and factors Impact of student loans on reports and scores Next steps you can take to encourage
More informationStudent Loans and Credit Reports
Student Loans and Credit Reports Presented by: Debbie Murphy We Will Discuss: The role of credit in personal finance Review of credit terms and factors Impact of student loans on reports and scores Next
More informationGREENPATH FINANCIAL WELLNESS SERIES
GREENPATH FINANCIAL WELLNESS SERIES UNDERSTANDING YOUR CREDIT REPORT & SCORE Through financial knowledge and expertise, we provide high-quality products and services that enable people to enjoy a better
More informationCredit Score Management Seminar. Manage, protect and improve your Credit Score!
Credit Score Management Seminar Manage, protect and improve your Credit Score! Overview What is a Credit Score How Lenders Use Your Credit Score How Your Credit Score Impacts You What Makes Up Your Credit
More informationGuidelines and Requirements in Applying for a Federal Direct Stafford Student Loan
2014-2015 Guidelines and Requirements in Applying for a Federal Direct Stafford Student Loan Entrance Counseling On Line: Go directly to www.studentloans.gov and use your PIN to sign in. If you need assistance
More informationUnderstanding Credit. UMassFive College Federal Credit Union
Understanding Credit UMassFive College Federal Credit Union Objectives Understand the role of credit bureaus Discuss the importance of your credit report Review the components of a credit score Explain
More informationCREDIT REPORTS WHAT EVERY CONSUMER SHOULD KNOW ABOUT MORTGAGE EQUITY P A R T N E R S
F WHAT EVERY CONSUMER SHOULD KNOW ABOUT CREDIT REPORTS MORTGAGE EQUITY P A R T N E R S Your Leaders in Lending B The information contained herein is for informational purposes only. The algorithymes and
More informationHow To Check Your Credit Report For Not Credit History
Your Credit Report P.O. Box 15128 Spokane Valley, WA 99215 800.852.5316 www.hzcu.org You may not think about them every day, but your credit report and the three little digits that make up your credit
More informationYour Credit Report. 595 Market Street, 16th Floor San Francisco, CA 94105 888.456.2227 www.balancepro.net
Your Credit Report 750. 670. 620. 575. You may not think about them every day, but your credit reports and the three little digits that make up your credit score probably influence your life in many ways.
More informationCredit Reports & Credit Scores
Credit Reports & Credit Scores Reviewing: Information that is and isn t in your credit report. What information determines your credit score. Tips to improve your credit score. What s In Your Credit Report
More informationYour Credit Report. 595 Market Street, 16th Floor San Francisco, CA 94105 888.456.2227 www.balancepro.net
Your Credit Report 750. 670. 620. 575. You may not think about them every day, but your credit report and the three little digits that make up your credit score probably influence your life in many ways.
More informationCredit Histories & Credit Scores
Credit Histories & Credit Scores Credit Histories - Definition A continuing record of a borrower s debt commitments and how well they have been honored. (Similar to a transcript) Credit Score - Definition
More informationUNDERSTANDING YOUR CREDIT REPORT (Part 1) By Bill Taylor
UNDERSTANDING YOUR CREDIT REPORT (Part 1) By Bill Taylor Most studies about consumer debt have only focused on credit cards and mortgages. However, personal debt also may include medical expenses, school
More informationA summary of your financial reliability
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 1. Identifying
More informationReviewing C Your Credit Report
chapter 2 Reviewing C Your Credit Report What do your creditors have to say about the way you handle money? Having a good credit score can help you turn your home-buying dream into a reality. There s much
More informationOffice of Student Financial Management
September 2013 Office of Student Financial Management Kasia Palm: Director of Student Financial Management What is Credit? - The ability to obtain goods/services before payment based on the trust that
More informationUnderstanding Credit Reports
Understanding Credit Reports What is a Credit Report and Score? Your success in managing credit is reflected in your credit report and score. A credit report is a history of everything you are doing with
More informationOffice of Student Financial Management
February 2015 Office of Student Financial Management Kasia Palm: Director of Student Financial Management What is Credit? - The ability to obtain goods/services before payment based on the trust that a
More informationFive Ways Student Loans Impact Credit. Federal Student Loans are Unique. Federal Student Loans are Unique
Five Ways Student Loans Impact Credit Federal Student Loans are Unique Established credit is not needed No payment due immediately Variety of repayment options Ability to postpone payments Can combine
More informationTopic 3 Credit Report
Topic 3 Credit Report Questions to Think About: What are the different types of credit and why is credit important? What are its advantages and disadvantages? What is a credit report? How do you read it
More informationHow to improve your FICO Score in perilous times By Blair Ball. National Distribution of FICO Scores
How to improve your FICO Score in perilous times By Blair Ball When you re applying for credit whether it s a credit card, a car loan, a personal loan or a mortgage lenders want to know your credit risk
More informationUnderstanding Your Credit Report
Understanding Your Credit Report What is credit? Credit is the use of someone else s money in exchange for a promise to pay it back on a given date. There are two major types of credit: Revolving and Installment.
More informationUnderstanding a Credit Report! April 21, 2011. New York City Department of Consumer Affairs. All rights reserved.
Understanding a Credit Report! Questions to Think About What are the different types of credit and why is credit important? What is a credit report? How does credit impact future financial goals? 3 What
More informationUnderstanding Credit. Megan Stearns, Credit Counselor
Understanding Credit Megan Stearns, Credit Counselor Obtaining your free credit report will lower your credit score. Closing old accounts can help your credit score. Paying off the balances on your credit
More informationHow to Use Credit. Latino Community Credit Union & Latino Community Development Center
How to Use Credit Latino Community Credit Union & Latino Community Development Center How to Use Credit Latino Community Credit Union & the Latino Community Development Center www.latinoccu.org Copyright
More informationUnderstanding Credit. The Three C s of Credit. What is a Credit Bureau?
Understanding Credit By definition, the word credit has to do with trust. This is why credit impacts so many financial issues in our lives including the extension of a loan or credit card, how high an
More informationBorrowing Realities. Student Loans And Credit: An Overview 4/17/2015. Agenda
Student Loans And Credit: An Overview 04.12.20 Jacquie Carroll Agenda 2 Borrowing realities Credit reports and scores Student loan and credit card impact Conversation and best practices for student education
More informationCredit Reports. published by AAA Fair Credit Foundation
Credit Reports published by AAA Fair Credit Foundation Credit Reports 1. What is a Credit Report?..........................................................2 2. What Your Credit Report Reveals About You...................................4
More informationEarning Extra Credit. Understanding what it takes to maintain and manage good credit now and for your future
Credit 101 Why Credit is Important 3 Your Credit Score 5 FICO Scoring - From Good to Bad 7 Credit Bureaus 8 Credit-Worthy vs. Credit-Ready 9 Are you Drowning in Debt? 10 2 Why Credit is Important College
More informationMedical School Loan Repayment & Building Credit
Medical School Loan Repayment & Building Credit Presented by: Thomas Murphy Harvard University Employees Credit Union Presentation Objectives Medical School Loan Overview Forbearance or Repayment Understanding
More informationFICO Score Factors Guide
Key score factors explain the top factors that affected your FICO Score. The order in which your FICO Score factors are listed is important. The first indicates the area that most affected your FICO Score
More informationStudent Loans And Credit: An Overview
/16/20 Student Loans And Credit: An Overview.14.20 Jacquie Carroll, Ed.D., AFC, Engagement & Education Consultant Agenda 2 Borrowing realities Credit reports and scores Student loan and credit card impact
More informationUnderstanding Credit Reports and Scores and How to Improve It!
Understanding Credit Reports and Scores and How to Improve It! Robin Minor, CCCC What Will We Cover? When we are finished, you will understand: Credit Reports and Credit Scores - What they are and how
More informationFinancial Empowerment Curriculum Moving Ahead Through Financial Management. Workshop Credit Overview
Financial Empowerment Curriculum Moving Ahead Through Financial Management Workshop Credit Overview 1 Workshop Objectives Explain why credit is important. Access and read a copy of your credit report.
More informationWhat We Need to Know About. Credit Management & Credit Repair for Entrepreneurs
What We Need to Know About. Credit Management & Credit Repair for Entrepreneurs What is Credit? When someone lends you money, and you pay them back with interest, they have extended you credit. Credit
More informationYour Credit Score. 800-491-2328 www.congressionalfcu.org. score of at least 620 for approval and 760 for the best interest rate.
800-491-2328 www.congressionalfcu.org Your Credit Score Your credit score can have a major impact on your life. Not only do creditors typically check your score when deciding whether or not to approve
More informationredit score 600 APR ebt mortgage rate YOUR CREDIT SCORES payment history Credit scores are vital to your financial health nstallment loan
nstallment loan 20 40 680 ebt 00 redit score 600 665 payment history APR mortgage rate YOUR CREDIT SCORES Credit scores are vital to your financial health A credit score is a number that helps lenders
More informationBuilding a Strong Credit History
Building a Strong Credit History Having good credit improves your ability to get loans, insurance, credit cards, a job, an apartment, and gives you the chance to get lower interest rates on loans and credit
More informationBalanceTrack. The World of Credit Reports
BalanceTrack The World of Credit Reports Credit reports and credit scores influence our lives in many ways. Your history of credit management can affect the cost of the credit you receive, your ability
More informationUnderstanding Your Credit Score and How You Can Improve It
Understanding Your Credit Score and How You Can Improve It How is your score calculated? The exact formula is a mystery and protected by the Federal Trade Commission Think of it as a secret recipe. Credit
More informationSolving the Credit Puzzle. L G & W Federal Credit Union
Solving the Credit Puzzle L G & W Federal Credit Union Knowledge Check How much do you already know about credit scoring? Sample Credit Report Credit Bureaus Equifax TransUnion Experian Who Can Pull Your
More informationCredit Reports and Credit Scores:
Journey to Financial Security Credit Reports and Credit Scores: Getting the most mileage from credit R E F E R E N C E G U I D E Journey to Financial Security Credit Reports and Credit Scores: Getting
More informationCredit Workshop. What I need to know about credit and lending products of financial institutions. Financial Education Supported by:
Credit Workshop What I need to know about credit and lending products of financial institutions. Financial Education Supported by: Concept Checklist What will I learn today? [ ] What is Credit? [ ] Advantages/
More informationEntrance Counseling Pacific McGeorge Law School. Maximizing Your Investment in a Law School Education
Entrance Counseling Pacific McGeorge Law School Maximizing Your Investment in a Law School Education What Will You Learn Today? Objectives General information about federal student loans Understand your
More informationTracking Your Credit History By Mark Schug
By Mark Schug Financial institutions (banks, savings and loan associations, credit unions, and consumer finance companies) are private, profit seeking businesses. They expect to be paid back most of the
More informationBrought to you by PEPCO FCU. Seminar objectives
Take Charge: Wise Use of Credit Cards Brought to you by PEPCO FCU Seminar objectives Learn: Benefits and costs of credit cards How to build a good credit history Warning signs of too much debt How to figure
More informationManaging Your Credit Report and Scores. Apprisen. 800.355.2227 www.apprisen.com
Managing Your Credit Report and Scores Apprisen 800.355.2227 www.apprisen.com Managing Your Credit Report and Scores Your credit score is one of the most important aspects of your personal finances. From
More informationUnderstanding Credit Reports and Scores and How to Improve it!
Understanding Credit Reports and Scores and How to Improve it! Apprisen What Will We Cover? When we are finished, you will understand: Credit Reports and Credit Scores - What they are and how they are
More informationHow To Resolve A Defaulted Loan
Default Issues in Detail Since most of your current students will be eligible for inschool deferment if they re attending at least half-time, you are most likely to be involved in default issues with students
More informationUNDERSTANDING YOUR CREDIT SCORE WHAT S THE BIG DEAL? WHAT MAKES UP YOUR CREDIT SCORE? WHAT S THE NEXT STEP?
UNDERSTANDING YOUR CREDIT SCORE WHAT S THE BIG DEAL? WHAT MAKES UP YOUR CREDIT SCORE? WHAT S THE NEXT STEP? SO WHAT S THE BIG DEAL? A credit score not only influences your homebuying potential, but is
More informationCredit Scores. www.howtogainwealth.com. Copyright 2009 How to Gain Wealth. All rights reserved.
Credit Scores Why is my Credit Score important? Lenders, such as banks and credit card companies, use credit scores to evaluate the potential risk posed by lending money to consumers and to mitigate losses
More informationReason Statement Full Description Actions You Can Take or Keep this in mind
Factors Guide - Experian The consumer-friendly reason descriptions and actions a consumer can take (or things to keep ) below are provided for use within your FICO Open Access customer displays. The table
More informationYour Credit Score. It s Not As Bad Or As Permanent As You May Think. Presented by Jennifer Matthews, MBA President and CEO
Your Credit Score It s Not As Bad Or As Permanent As You May Think Presented by Jennifer Matthews, MBA Things to Know What a credit score is Where to get a free credit report What goes into your credit
More informationCredit Reporting. Commonly Asked Questions
Credit Reporting Commonly Asked Questions What is a credit score and how does it affect a consumer? A credit score is a number that lenders use to predict how likely an individual is to repay a loan or
More informationYour Credit Report What It Says about You
Your Credit Report Your Credit Report What It Says about You Most people finance their homes with mortgages and pay for their cars with loans. Young people often obtain loans to pay for college. And, of
More informationBuilding Good Credit and Improving Your Credit Score
Building Good Credit and Improving Your Credit Score US Consumer Debt Statistics August 2014 Consumer Debt = $11.74 Trillion 5% Increase over 2013 9% Delinquent Mortgages = $8.24 Trillion Avg. Mortgage
More informationIMPROVING YOUR CREDIT AND DEBT
IMPROVING YOUR CREDIT AND DEBT The Credit & Debt Problem Americans are loaded with credit-card debt. The average American household with at least one credit card has nearly $15,950 in credit-card debt
More informationCredit Reports and Credit Scores
Credit Reports and Credit Scores This program is made possible by a grant from the FINRA Investor Education Foundation through Smart Investing@Your Library, a partnership with the American Library Association.
More informationMaureen Baran SVP Business Development. Kris Bona Business Relationship Officer
Williams College Maureen Baran SVP Business Development Kris Bona Business Relationship Officer Agenda What is credit and why is it so important? Credit reports and credit scores Building credit Comparing
More informationWhat is a credit report?
What is a credit report? - Consumer Financial Protection Bureau RETURN TO ORIGINAL QUESTION What is a credit report? UPDATED 6/21/2013 A credit report contains information about your credit history and
More informationHofstra North Shore-LIJ School of Medicine. Office of Financial Aid
Hofstra North Shore-LIJ School of Medicine Office of Financial Aid Consumer Credit and Your Credit Report Joseph M. Nicolini, MHA Director of Financial Aid What We Will Cover Consumer credit and credit
More informationYour Credit Report. Trade lines. The bulk of a credit report is dedicated to your history of handling credit. It includes:
Your Credit Report The three major credit bureaus in the United States are Experian, TransUnion, and Equifax. These companies acquire data from banks, credit unions, mortgage lenders, and retail establishments.
More informationFederal Stafford, Direct, & Grad/Professional PLUS Loan Exit Loan Counseling
Federal Stafford, Direct, & Grad/Professional PLUS Loan Exit Loan Counseling Your Promise By signing your Master Promissory Note (MPN) you promised to: Read all forms and documents carefully Understand
More informationratecredit score credit scoremortgage rate payment historydebtinstallment loanapr installment loanaprpayment historydebt Your Credit Scores
700 ratecredit score mortgage payment historydebtinstallment loanapr credit scoremortgage rate installment loanaprpayment historydebt ratecredit score mortgage 720 665 600 680 740 620 720 665 Your Credit
More informationUnderstanding Your Credit Score and Credit Report. George Williams, CPA, JD, LLM Ross, Rosenthal & Company, LLP June 21, 2012
Understanding Your Credit Score and Credit Report George Williams, CPA, JD, LLM Ross, Rosenthal & Company, LLP June 21, 2012 What is a Credit Score? What is a Credit Report? A credit score is a number
More informationMake the most of your credit score
Make the most of your credit score Consolidated Credit 5701 West Sunrise Boulevard Fort Lauderdale, FL 33313 1-800-210-3481 www.consolidatedcredit.org Congratulations on taking this important step to learn
More informationUnderstanding Your Credit Report
What Is a Credit Report? Understanding Your Credit Report A credit report is a record of your history of credit-card debt and other loan repayment. It shows how much debt you have and if you pay on or
More informationSecrets of the Credit Score UCCS Employee Seminar 10/21/2014
Secrets of the Credit Score UCCS Employee Seminar 10/21/2014 Schuyler (Skip) Wells, Ent Federal Credit Union Question!! What do credit reports, the number of and use of credit cards, inquiries, credit
More informationCredit 101. Learn how to get and keep your credit in shape! From Silverton Mortgage
Credit 101 Learn how to get and keep your credit in shape! From Silverton Mortgage Table of Contents What is a credit score? 2 Why is it important? 2 How is a credit score determined? 3 How can I see my
More informationREPAY: Stay Out of Debt. Emily Burris, Coordinator Student Financial Management Center
REPAY: Stay Out of Debt Emily Burris, Coordinator Student Financial Management Center Student Financial Management Center Basement of Coates Hall B4A Coates Career Services Purpose To provide financial
More informationTABLE OF CONTENTS. CHAPTER 1: Credit Report.. Page 1. CHAPTER 2: Credit Score...Page 3. CHAPTER 3: Credit Reporting Agencies.
TABLE OF CONTENTS CHAPTER 1: Credit Report.. Page 1 CHAPTER 2: Credit Score.....Page 3 CHAPTER 3: Credit Reporting Agencies.Page 6 CHAPTER 4: How to get a FREE Credit Report Page 8 CHAPTER 5: The 4 th
More informationGL 04/09. How To Improve Your Credit Score
GL 04/09 How To Improve Your Credit Score Table of Contents 1. What is Credit and What is Debt? 2. The 4 C S of Credit 3. Keeping Score With Your Credit 4. The FICO Score Breakdown 5. How to Rebuild Your
More informationUnderstanding Credit Reports
Understanding Credit Reports Family Economics & Financial Education Credit Reports - a record of a consumer s credit history Credit history - a record of transactions involving credit use Individuals do
More informationFICO Vantage Will Include Rent # of People in this category
What You Must Know About Your Credit Report and Score Must Know: There is more than one company reporting on your credit; you need to know most websites and rental companies use vantage scores and most
More informationA CONSUMER'S GUIDE TO INSURANCE COMPANIES' USE OF CREDIT INFORMATION. from YOUR North Carolina Department of Insurance CONSUMER'SGUIDE
A CONSUMER'S GUIDE TO INSURANCE COMPANIES' USE OF CREDIT INFORMATION from YOUR North Carolina Department of Insurance CONSUMER'SGUIDE A MESSAGE FROM YOUR INSURANCE COMMISSIONER Greetings, Auto and Homeowners
More informationUnderstanding and managing your credit
Understanding and managing your credit Overview Understanding how credit works and how it affects your chances of getting approved for a loan is important. In this presentation, you ll learn helpful ways
More informationBuild a Strong Credit History. Brought to you by The New York University Federal Credit Union
Build a Strong Credit History Brought to you by The New York University Federal Credit Union Seminar Objectives Learn: Who needs to build good credit, and why Significance of credit report and score How
More informationMax Out Your Credit Knowledge
Max Out Your Credit Knowledge Sponsored by Elevations Credit Union October 27 th, 1014 Presented by Laura Zavala & Lauren Barbary Agenda What is Credit? What Composes My Credit Score? Bankruptcy Impact!
More informationRoad to Good Credit.
Road to Good Credit. Now is the time for you to start building your credit. Why is credit important to you? Where can you fi nd your credit history? How do you get started? Have you ever wondered how to
More informationCREDIT-BASED INSURANCE SCORES WHAT CONSUMERS NEED TO KNOW
CREDIT-BASED INSURANCE SCORES WHAT CONSUMERS NEED TO KNOW HAVE YOU EVER APPLIED FOR A LOAN OR A CREDIT CARD? RENTED AN APARTMENT OR OBTAINED UTILITY SERVICE? If so, you know your credit history is very
More informationYOUR CREDIT SCORE. Payment History - 35%
YOUR REDIT SORE Many of our clients are concerned about their ability to obtain credit in the future. There are several issues related to those concerns. redit reporting agencies (Experian, Equifax, and
More informationCredit Reports. published by AAA Fair Credit Foundation
Credit Reports published by AAA Fair Credit Foundation Credit Reports 1. What is a Credit Report?...2 2. What Your Credit Report Reveals About You...................................4 3. Getting a Copy
More informationGrace Period and Repayment Guide for Stafford and Direct Loans
Grace Period and Repayment Guide for Stafford and Direct Loans Communication is key! This guide session covers loans from the following programs: Federal Family Education Loan Program (FFELP) Federal Stafford
More informationCREDIT REPORT: Adapted from the National Consumer Law Center Inc s. brochure entitled, The Truth About Credit Reports and Credit Repair Companies.
CREDIT REPORT: HOW TO CHECK YOUR CREDIT Getting a copy of your credit report is important because: it gives you an idea of what your credit history looks like, you can make sure that the information on
More informationA LESSON PLAN TO UNDERSTANDING. Credit Scores. Provided by
A LESSON PLAN TO UNDERSTANDING Credit Scores Provided by A LESSON PLAN TO UNDERSTANDING Credit Scores Provided by INTRODUCTION A credit score is a three-digit number derived from a mathematical interpretation
More informationHow will I repay my student loan? Money Management Options.
Principles of Loan Repayment How will I repay my student loan? Money Management Options. Presented by Todd Woodlee National Student Loan Program 1 Why we are here Answer questions about your student loan
More informationCreditAbility: Build a Strong Credit History. Brought to you by Duke University FCU
: Build a Strong Credit History Brought to you by Duke University FCU Seminar Objectives Learn: Who needs to build good credit, and why Significance of credit report and score How to establish credit if
More informationCreditAbility: Build a Strong Credit History. Brought to you by Duke University FCU
: Build a Strong Credit History Brought to you by Duke University FCU Seminar Objectives Learn: Who needs to build good credit, and why Significance of credit report and score How to establish credit if
More informationSTUDENT LOAN CRISIS!
STUDENT LOAN CRISIS! Over 1.2 Trillion In Student Loan Debt There is an estimated $1.2 trillion in student loan debt in the United States and that number is continuing to grow by the minute! 1 in 4 Americans
More informationCredit Report The single most important document for protection against identity theft.
Understanding your Credit Report The single most important document for protection against identity theft. What to do if you spot errors A recent study shows that 79 percent of credit reports contained
More informationPA HealthCare Credit Union. The Credit Clinic. The PA HealthCare Credit Union contributes to the financial success of our members.
PA HealthCare Credit Union The Credit Clinic The PA HealthCare Credit Union contributes to the financial success of our members. 1 Copyright 2006 Agenda Welcome & Introduction Overview Product Rate Credit
More informationDon t get discouraged if you are in default on your federal student loan.
visited on Page 1 of 7 Menu Home» How to Repay Your Loans» Understanding Default» Getting out of Default Don t get discouraged if you are in default on your federal student loan. Options for getting out
More informationImprove Your Credit Put Bad Credit Behind You
Improve Your Credit Put Bad Credit Behind You Improve your credit While it s possible to get by without credit, access to credit is essential for buying a home, financing a car or getting a credit card.
More informationOverview of Credit Scoring
Overview of Credit Scoring Page 19 of 134 Overview of Credit Scoring This session will focus on providing you with both information about this topic as well as new ideas and activities for making this
More informationCredit Reporting. Credit Reporting, Credit Scoring, and Repairing Bad Credit
Credit Reporting Credit Reporting, Credit Scoring, and Repairing Bad Credit Tanya Grigg Presenters Associate Director of Financial Aid Samuel Merritt College Jeffrey E. Hanson Director of Borrower Education
More informationFinancial Empowerment Curriculum. Moving Ahead Through Financial Management. Module Three: Mastering Credit Basics
Financial Empowerment Curriculum Moving Ahead Through Financial Management Mastering Credit Basics Reviewing, Understanding and Improving Your Credit Module 3: Mastering Credit Basics Time Clock: 11:00-12:00
More informationUnderstanding Your FICO Score
Understanding Your FICO Score 2013 Fair Isaac Corporation. All rights reserved. 1 August 2013 Table of Contents Introduction to Credit Scoring 1 What s in Your Credit Report 1 Checking Your Credit Report
More informationKeys to Your Financial Future Step 2.5: Credit Repair or Building Plan
46 MODULE 2: Good credit Keys to Your Financial Future Step 2.5: Credit Repair or Building Plan Use the questions to develop your credit repair or building plan. Do you need to repair your credit history?
More informationCredit Counts... Know the Score!
Credit Counts... Know the Score! Understanding the Importance of Credit Scoring 2004 by Access Group, Inc. All rights reserved. Do you know the score? QUESTION What can a lender learn from your credit
More informationCredit History CREDIT REPORTS CREDIT SCORES BUILDING A STRONG CREDIT REPORT
CREDIT What You Should Know About... Credit History CREDIT REPORTS CREDIT SCORES BUILDING A STRONG CREDIT REPORT YourMoneyCounts Understanding what your credit history is what s in it, what s not in it
More information