Personal Financial Literacy - Credit Reporting

What is a credit report?

• Information that describes a person's financial history

• A ranking of the best credit cards

• A list of all the banks in America

• A list of 'credits' a person has earned by being a customer of their bank

Tags

CCSS.RI.4.5

CCSS.RI.5.5

CCSS.RI.6.5

CCSS.RI.7.5

CCSS.RI.8.5

Having a good credit score allows you to...

• Get lower interest rates

• Skip monthly payments

• Use special ATMs

• Get a credit card with no credit limit

A credit score ranges between:

• 0-100

• 300-850

• 100-1000

• 400-600

Tags

CCSS.HSN.CN.A.2

Which is NOT a credit reporting agency?

• Equifax

• TransUnion

• MoneyTalk

• Experian

Most negative information stays on your credit report for...

• 4-6 years

• 7-10 years

• 12-15 years

• 20-30 years

Which is NOT on your credit report?

• Your social security number and date of birth

• Your criminal record

• Your open and closed accounts

• Your cash purchases

• Your payment history

Which is NOT a way to build good credit?

• Paying your bills on time

• Keeping your credit balances low

• Paying for everything with cash

• Having a long credit history with several accounts you've had for a long time

Borrowers want a credit card with a _____ interest rate.

• low

• high

Tags

CCSS.RF.3.3B

CCSS.RF.3.3C

CCSS.RF.3.3D

CCSS.RF.4.3A

CCSS.RF.5.3A

Borrowers want a credit card with a _____ credit limit.

• low

• high

Tags

CCSS.RF.3.3B

CCSS.RF.3.3C

CCSS.RF.3.3D

CCSS.RF.4.3A

CCSS.RF.5.3A

Someone with a credit score of 345 will likely get a low interest rate and a high credit limit.

• True

• False