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Core PFRP for Transition

Dive into understanding credit reports, a vital record of an individual’s credit history encompassing key components. Learn how to analyze your credit report and associated score for financial clarity.

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Core PFRP for Transition

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  1. Module 1.2

    Core PFRP for Transition

  2. Analyzing Your Credit Report & Score 13.3
  3. Credit Reports A credit report is a record of an individual’s credit history. It contains: Credit Employment Residences Judgments Tax Liens Bankruptcies Inquiries
  4. Credit Report Components Personal Identification Name Address Date of Birth Social Security number Employment Information Payment History (Trade Lines) – Credit Accounts Inquiries - List of everyone who accessed your credit report within the last two years Public Record Information Public records Wage attachments Liens Bankruptcies Judgment Foreclosures 13.4
  5. Credit Reporting Agencies
  6. www.annualcreditreport.com
  7. FACTA Provisions One free copy of your report from each CRA each year Right to a copy of your credit score for a reasonable fee One-call fraud alerts Active-duty alerts Trade-line blocking
  8. What to Expect You’ll need to provide and validate: Name Address SSN Date of birth Current & previous address (if moved in last 2 years) Other information listed on your file An additional free report can be obtained if: Denied credit, insurance, employment, rental housing Adverse action was taken against you based on your credit file Unemployed Receiving public welfare assistance Your state offers a free or reduced-price credit report
  9. What Is A Credit Score?
  10. What Is A Credit Score? Vantage
  11. The Score Matters Higher scores = lower interest rates & more credit
  12. How To Get A Score 13.5
  13. Credit Score Components Vs
  14. Don’t exceed 10% of the limit on a credit card Ensure credit report is accurate Match credit to appropriate purchase Improving A Score Make all payments promptly Pay down installment loans Limit inquiries Don’t add new accounts to lower balances on older ones Stay within credit limits Take advantage of auto payment plans/options Establish new credit only if you have little existing history Set up a bill-payment calendar Keep your older accounts in good standing
  15. Your Credit Report Correct your report & you will improve your score!
  16. Correcting A Report Avoid credit repair agencies!
  17. Fixing A Report
  18. Fair Credit Report Act Consumers have the right to: know the contents of their report an accurate and complete file have mistakes fixed tell their side of the story a fresh start understand their report know who has seen their report confidentiality know if their report has been used against them sue the CRA
  19. Who Can See Your Credit Report? Creditors Employers Gov’t Agencies Insurance Companies Landlords
  20. What’s Worth Knowing? Wrap-Up
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