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“ Understanding Credit”. Presented by: Sulie Richardson. 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.

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Presentation Transcript
understanding credit

“Understanding Credit”

Presented by: Sulie Richardson

learning goals
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
slide4

Know how much of your spend-able income is safe to spend on credit

Live within your

means

Have an adequate emergency fund

Have a written spending plan

Track your spending

Prerequisites to using credit

Pay all bills on time

credit reporting system
Credit Reporting System

Credit Bureaus

Creditor

Consumer

reviewing your credit report
Reviewing your credit report
  • Information is collected from creditors and public records
  • Disputing inaccurate information
    • 30 days to investigate and communicate
other considerations
Other considerations

Note: There are no quick fixes to repairing credit…

  • Identity Theft Victim
  • Consolidate debts
  • Reduce unwanted credit card solicitations (optoutprescreen.com or call 888-5-opt-out)
slide14

New credit

  • Amount Owed to creditors
  • Length of credit history
  • Payment history
  • Types of credit currently in use

35%

30%

10%

10%

15%

Understanding Your Credit Score

grow your credit score
Grow your credit score…

Make payments

on time

Savings secured loan

Secured credit

card

Pay creditors

Pay down credit cards and the revolving loans

expensive credit
Expensive Credit

Refund anticipation loans

Rent-to-own

Car title loans

Beware of co-signing

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