Page | 14 2.6.1.L1 Credit Reports and Scores Note Taking Guide Total Points Earned Name
Total Points Possible Date
Percentage Class
A lender is:
A borrower is:
A credit history is:
A credit report is:
What are the names of the three credit reporting agencies? How are credit reports created? What are three examples of personal information on a credit report? What are the types of credit account information?
© Take Charge Today – April 2014 – Credit Reports and Scores Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
Page | 15 2.6.1.L1 Types of Credit
Also known as:
Definition
Example
Closed‐end
Open‐End
Place the following symbols on each section of Sam’s Electronic World Account described by the corresponding type of information.  Type of credit  Loan amount/credit limit  Date account was opened  Account balance Address: Account Number:
123 MAIN STREET 3624**** ANYWHERE, AZ 00000 Status: Open/Past due 60 days.
Date Opened:
02/2009 Reported Since: 02/2010 Date of Status: 10/2012 Last Reported: 10/2012 Type:
Revolving Terms: N/A Monthly Payment: $0 Responsibility: INDIVIDUAL Credit Limit/Original Amount:
$500 High Balance: $550 Recent Balance: $84 as of 11/2012 Recent Payment: $0 Account History:
60 days as of 10‐2012 30 days as of 09‐2012  Payment information SAM’S ELECTRONIC WORLD What types of public record information may be in a credit report? When are inquiries potentially negative? When do inquiries typically have no impact? © Take Charge Today – April 2014 – Credit Reports and Scores Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
Page | 16 2.6.1.L1 Examples of lenders:
When do lenders report?
Who reports to CRA's?
Examples of data furnishers:
When do data furnishers report?
5 examples of information not in a credit report
Why is time the only way to remove negative information from a credit report? What is a credit score?
Who, most commonly, produces scores?
What information is included in a credit score?
What are the score ranges of the two most common systems?
A credit score reflects a particular... What does a score indicate about a consumer?
A higher score typically means what?
Does a consumer have one or multiple scores?
© Take Charge Today – April 2014 – Credit Reports and Scores Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
Page | 17 2.6.1.L1 In addition to access to credit, what are two other ways an individual’s credit history may impact them? 5 strategies to build a positive credit history include:
What are two strategies to acquire and positively manage small lines of credit? How often can a free credit report be requested?
What is the only government‐
sponored website?
How is a co‐signer impacted? How are credit scores accessed?
If an error is found, a consumer should:
© Take Charge Today – April 2014 – Credit Reports and Scores Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona