Credit Score

three warning signs that you may have had your identity stolen:

checks disappear from you checkbook credit report shows accounts you didn't open bank and billing statements don't arrive on time

equal credit opportunity

consumers cannot be discriminated by: 1. gender 2. race 3. martial status 4. religion 5. age when applying for credit, if denied you have the right to know why

How often should you check your credit score?

every year

What actions impact a credit score?

financial behavior and history

why does having a good score matter?

house hunting, job opportunities, better interest rates, financial flexibility

a strong password should include what elements

letters, symbols, and numbers

How is a credit score calculated?

30% what you owe 10% new accounts 35% payment history 15% types of credit 10% length of credit history

What is considered a good score?

700

Can you really live without a credit score?

yes

fair debt collection practices

1. collectors must follow in procedures when collecting 2. protects consumers from deceptive, abusive, or unfair collection practices

Truth in lending

1. lenders have to tell you the cost of credit 2. must tell you credit terms and the APR 3. if your credit is stolen, it limits your liability to $50

fair credit billing act

1. protects consumers in the case of an error in credit billing or electronic funds transfer in resolving mistakes

list three tips to protect yourself from identity theft

1. shred credit card offers and documents with personal info 2. sign the back of debit cards with "see photo ID" 3. purchase identity theft protection

Fair credit reporting act

1. you have the right to see your credit report 2. promotes accuracy and privacy of credit report

What is a credit bureau?

A consumer reporting agency Keeper of your credit score

What are the three main credit bureaus?

Equifax, TransUnion, Experian

Does the FICO score measure wealth or how well you manage money?

No

Why is the FICO score a really "I love debt" score?

You have to build debt to get a score It only measures debt

why would a bank or a cell phone company care about you credit?

so they know if you'll pay your bills on time