5/18 FA 8.3 Your Credit History

Last updated over 2 years ago

22 questions

Note from the author:

OBJECTIVES & STANDARDS
Math Objectives
Represent data using a dot plot
Use relevant math vocabulary to describe dot plots, including median, mode, range, and outliers.
Common Core Math Standards
Link to all CCSS Math
CCSS.HSS.ID.A.1
Personal Finance Objectives
Describe the purpose and components of a credit report
Understand why interested parties may want to check your credit score
Explain key components of the Fair Credit Reporting Act and how it impacts lenders and borrowers
National Standards for Personal Financial Education
Managing Credit
7a: Identify the primary organizations that maintain and provide consumer credit reports
7b: Assess the value to a potential lender of the information contained in a credit report
7c: Explain how a person can get a free copy of their credit report and why this is advisable
7d: Outline the process of disputing inaccurate credit report information

Instructions

OBJECTIVES & STANDARDS
Math Objectives
Represent data using a dot plot
Use relevant math vocabulary to describe dot plots, including median, mode, range, and outliers.
Common Core Math Standards
Link to all CCSS Math
CCSS.HSS.ID.A.1
Personal Finance Objectives
Describe the purpose and components of a credit report
Understand why interested parties may want to check your credit score
Explain key components of the Fair Credit Reporting Act and how it impacts lenders and borrowers
National Standards for Personal Financial Education
Managing Credit
7a: Identify the primary organizations that maintain and provide consumer credit reports
7b: Assess the value to a potential lender of the information contained in a credit report
7c: Explain how a person can get a free copy of their credit report and why this is advisable
7d: Outline the process of disputing inaccurate credit report information

Intro

Learn It

RESEARCH: Fair Credit Reporting Act Web Quest

Math Connection: Box Plots (Desmos)

Exit Ticket

5/18 FA 8.3 Your Credit History

OBJECTIVES & STANDARDS

OBJECTIVES & STANDARDS

5/18 FA 8.3 Your Credit History

OBJECTIVES & STANDARDS

OBJECTIVES & STANDARDS

DISCUSSION PROMPT: Imagine You’re The Lender

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

EDPUZZLE: Understanding Your Credit Report

ARTICLE: Credit Monitoring Services: Are They Worth the Cost?

What 3 things can you do to monitor your credit without paying for a credit monitoring service?

Why might someone want to pay for a credit monitoring service?

ACTIVITY: MOVE: Credit Dot Plots

All of the following may be included on your credit report, EXCEPT…A. On-time credit card paymentsB. Unpaid bills in collectionsC. Student loansD. Bank account balance

DISCUSSION PROMPT: Imagine You’re The Lender

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

EDPUZZLE: Understanding Your Credit Report

Why do lenders look at credit reports?A. To determine the size of your householdB. To provide them with details about your savings accountC. To decide whether you are a qualified or risky candidate for creditD. To edit your credit score

The following options are all included in your credit report trade lines, EXCEPT...A. Amount of money in your checking accountB. Payment historyC. Current balances on your loansD. When you opened your credit accounts

There are three main credit reporting bureaus -- Equifax, Experian, and TransUnion. How frequently can you request and receive a free credit report from each bureau?

Give 5 examples of people or organizations who can request to see YOUR credit report.

What is the maximum amount of time a negative item (late payment, missed payment, default, bankruptcy) can stay on your credit report?

Suppose you apply for an apartment, and the landlord informs you that, based on your credit report, she is not going to rent you the apartment. According to FCRA, what information must she legally provide you about that decision?

Suppose you’ve already received your free credit reports this year. Give 3 situations in which the credit bureaus would have to provide you an additional free report.

If you review your credit report and find an error, and you’re able to prove it is, indeed, an error, how long does the credit bureau have to remove the error?

Explain why someone might want to put a “red flag” on their own credit report.

The FCRA applies only to the 3 main credit reporting bureaus -- Equifax, Experian, and TransUnion.

Under FCRA, each credit bureau must also provide your credit score, free of charge, if you request it.

FCRA allows you to opt-out of receiving credit card promotions based on your credit history.

Equifax, Experian, and TransUnion are legally obligated to provide identical information.

ARTICLE: Credit Monitoring Services: Are They Worth the Cost?

What 3 things can you do to monitor your credit without paying for a credit monitoring service?

Why might someone want to pay for a credit monitoring service?

ACTIVITY: MOVE: Credit Dot Plots

All of the following may be included on your credit report, EXCEPT…A. On-time credit card paymentsB. Unpaid bills in collectionsC. Student loansD. Bank account balance

Why do lenders look at credit reports?A. To determine the size of your householdB. To provide them with details about your savings accountC. To decide whether you are a qualified or risky candidate for creditD. To edit your credit score

The following options are all included in your credit report trade lines, EXCEPT...A. Amount of money in your checking accountB. Payment historyC. Current balances on your loansD. When you opened your credit accounts

There are three main credit reporting bureaus -- Equifax, Experian, and TransUnion. How frequently can you request and receive a free credit report from each bureau?

Give 5 examples of people or organizations who can request to see YOUR credit report.

What is the maximum amount of time a negative item (late payment, missed payment, default, bankruptcy) can stay on your credit report?

Suppose you apply for an apartment, and the landlord informs you that, based on your credit report, she is not going to rent you the apartment. According to FCRA, what information must she legally provide you about that decision?

Suppose you’ve already received your free credit reports this year. Give 3 situations in which the credit bureaus would have to provide you an additional free report.

If you review your credit report and find an error, and you’re able to prove it is, indeed, an error, how long does the credit bureau have to remove the error?

Explain why someone might want to put a “red flag” on their own credit report.

The FCRA applies only to the 3 main credit reporting bureaus -- Equifax, Experian, and TransUnion.

Under FCRA, each credit bureau must also provide your credit score, free of charge, if you request it.

FCRA allows you to opt-out of receiving credit card promotions based on your credit history.

Equifax, Experian, and TransUnion are legally obligated to provide identical information.

All of the following may be included on your credit report, EXCEPT…
A. On-time credit card payments
B. Unpaid bills in collections
C. Student loans
D. Bank account balance

Why do lenders look at credit reports?

A. To determine the size of your household

B. To provide them with details about your savings account

C. To decide whether you are a qualified or risky candidate for credit

D. To edit your credit score

The following options are all included in your credit report trade lines, EXCEPT...
A. Amount of money in your checking account
B. Payment history
C. Current balances on your loans
D. When you opened your credit accounts

All of the following may be included on your credit report, EXCEPT…
A. On-time credit card payments
B. Unpaid bills in collections
C. Student loans
D. Bank account balance

Why do lenders look at credit reports?

A. To determine the size of your household

B. To provide them with details about your savings account

C. To decide whether you are a qualified or risky candidate for credit

D. To edit your credit score

The following options are all included in your credit report trade lines, EXCEPT...
A. Amount of money in your checking account
B. Payment history
C. Current balances on your loans
D. When you opened your credit accounts