Cash, Loans, Debts, and Promises

Safeguarding Your Card, Your Money, & Your Future: Lesson 1

Your Present, Your Future, and Your Credit Report

  • Credit report = summary of debts and whether you make payments on time.
    • Information is collected by credit bureaus which give your debt and payment history to creditors to establish trustworthiness (called “creditworthiness”) when you apply for a loan, credit card, and some jobs
  • There are three major credit bureaus: Experian, TransUnion, and Equifax.
  • Credit history establishes your credit score.
    • The higher your score, the easier it is to get more credit and better interest rates.
    • Bad credit history and a low credit score will keep you from getting more credit in the future, and might keep you from getting some jobs if it looks like you can’t be trusted with money issues.
  • By law, you have a right to a free credit report once each 12 months.
    • Get your report from each of the three bureaus.
    • Check for errors – and work to fix anything reported incorrectly.
    • Errors might be a signal someone uses your identity to get and misuse credit.
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