Lesson 13: Your Credit History

6.1 Your Credit

History

LEARNING OBJECTIVES

Students will be able to:
● Enumerate the components of a credit report and how

long each data type is retained

● Understand which people or organizations may review

your credit report and why

● Explain key components of the Fair Credit Reporting Act

and how it impacts lenders and borrowers

Open Ended

If someone you did NOT know wanted to borrow money, what would you want to learn about them before deciding? Why?

RESOURCE 2: WHAT IS A CREDIT REPORT?

｜FINANCIAL TERMS

On the next slide, watch the video What is a Credit
Report｜Financial Terms by How cast to learn more
about credit reports and scores.

​https://www.youtube.com/watch?v=Z0unFMq8dmg

Open Ended

What is the connection between a credit report and a credit score?

Open Ended

List two reasons explaining why it’s important to request your 3 credit reports and review them regularly

8 Types of Companies That Look at Your Credit Report

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Open Ended

Who looks at your credit report? Why?

What is a Credit Report and How to Read Your Credit Report

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Open Ended

Review the four main sections of your credit report.

Personal Information

Credit History

Public Records

Credit Inquiries

Which do you think is most important? Why?

Multiple Choice

Which item is NOT provided on a credit report?

• Balance from your bank accounts

• Payment history on your student loans

• Balance owed on your car loan

• How many lines of credit you have open

Multiple Choice

What is the BEST reason to review your credit reports annually?

• To print out to give all of your previous employers

• To see if there are any errors or fraudulent activity

• To use it for filing your taxes each year

• To see how much you owe in bills

Multiple Choice

Why do lenders request to look at your credit report before you can borrow money?

• They can interpret your values and character based on your everyday purchases and assess your creditworthiness

• They want to see how much money you have money you have in savings for the product you want to purchase

• They want personal information, such as your high school and college GPAs, to deem creditworthiness

• They want to see how responsible you are in making payments on existing debt

RESOURCE 6: RESEARCH-FAIR CREDIT

REPORTING ACT WEB QUEST

Many of the policies and practices you’ve been
learning exist because of the Fair Credit
Reporting Act. On Classroom, follow the
directions on the worksheet in order to complete

the activity.