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Understanding Credit Ratings: Importance, Impact, and Reporting Practices

This chapter explores the crucial role of credit ratings in personal finance. Learn about the three major credit bureaus and how they collect information to formulate your credit report and score. Discover how creditors utilize this data, the frequency of credit report updates, and the structure of credit reports. You'll also find out how long negative records can remain on your report, whether all creditors report to all three bureaus, and the importance of regularly checking your credit reports for accuracy.

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Understanding Credit Ratings: Importance, Impact, and Reporting Practices

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Presentation Transcript

  1. Chapter 6 Credit Bureaus and Collection Practices

  2. Essential QuestionHow does your credit rating affect you?

  3. Journal Activity • Read “Credit Report Information” • Questions: • What are the 3 major companies that maintain credit reports? • What may a creditor use your credit report and credit score for? • How often does your credit report update? • What six main sections is your credit report divided into? • How long can negative records stay on your credit report? • Do all creditors report to all 3 credit bureaus? • How often should you check your 3 credit reports? • If you find inaccurate information on your credit report, who can you contact?

  4. Journal Activity-3 Tweets • Type 3 Tweets in Word & print them. • Your 3 Tweets should be formative, clever, witty, opinionated, etc. • Partner up with someone who is doing something that you’re going to do on Spring Break. • Partner stars your best Tweet

  5. Dave Ramsey VideosChapter Six — Credit Bureaus and Collection Practices Part 1& 2

  6. Credit Report • Sample Credit Report • Complete Credit Report Worksheet

  7. Summary

  8. Tell me one thing that you learned today.

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