Understanding Credit Reports. Family Economics & Financial Education. Credit Reports. Credit report - a record of a consumer’s transactions involving credit No credit report if you have never used credit Affects your ability to acquire credit
Family Economics & Financial Education
Routinely paying bills late
Having a criminal record
Holding a large amount of debt
Holding an unreasonable amount of unused credit
Defaulting on a loan
Obtaining a high number of credit inquiries
Carrying many credit/store cards
Having a public record of bankruptcyHow can you harm your credit?
The three main credit reporting agencies are:
Current and potential credit companies
State/local child support agencies
Financial institutions inquiring for lines of credit
Only with applicant’s written requestWho can Request your report?
Consumers have the right:
- Timely manner in which a consumer pays debt
-Amount of debt currently held
-How long the consumer has held credit accounts and how often they are used
-How much credit is acquired over the length of the consumer’s credit history
-May include credit cards, gas cards, store cards or accounts, loans, etc.
Build and maintain positive credit!
Check credit reports annually for errors!
Act financially responsible!