Credit Reporting

Credit Reporting
  Copy


More Options: Make a Folding Card




Storyboard Description

This storyboard does not have a description.

Storyboard Text

  • Staying on top of your credit report is important to remaining financially stable but the first step in doing so is knowing what is in your credit report.
  • Personal Information
  • Public Records
  • 
  • Medical Information
  • Credit Inquiries
  • Accounts
  • Credit Score: a number lenders use to help them decide how likely it is that they will be repaid on time if they give a person a loan or a credit card.
  • Charge-Off - When a creditor charges off a debt, it means they’ve basically decided they won’t be able to get the money you owe, and wrote your account off as a loss. The charged off account is closed for any future use and the creditor may continue to report the past due amount and balance owed. Most lenders will also sell these charged off accounts to a collection agency.
  • Repossession - When a creditor reclaims collateral for a secured loan, such as the vehicle you purchased with an auto loan, the repossession appears on credit reports. A repossession tells potential lenders you failed to repay an important debt as agreed.
  • Missed Payments - Late or missed payments remain on credit reports for up to seven years from the original delinquency date.
  • Bankruptcy - Remains on your credit for 7-10 years and looks very bad and hurts your credit score. 
  • Negative Affects on Credit Score:
  • Voluntary Surrender - When a lender agrees to take a vehicle back at your request, your voluntary surrender will appear on your credit report as a derogatory item. If there is a balance remaining from the surrender, and you fail to pay that amount, then that debt could be turned over to a collection agency.
  • Foreclosure - The home loan equivalent to repossession, foreclosure means you haven’t paid your mortgage as agreed and the mortgage lender takes possession of your house. Foreclosures remain on credit reports for seven years.
  • Settled accounts - A creditor may agree to accept less than the total amount you owe, in which case your debt is considered settled. However, because you didn’t repay the debt as originally agreed, settled accounts are still considered to be negative information on credit reports.
  • Credit Fraud: a broad term for the use of a credit card (or any comparable type of credit) to buy goods or services with the intention of evading payment.
  • Identity Theft
  • Identity Assumption
  • Fraud Spree
More Storyboards By jaytenm
Explore Our Articles and Examples

Try Our Other Websites!

Photos for Class – Search for School-Safe, Creative Commons Photos (It Even Cites for You!)
Quick Rubric – Easily Make and Share Great-Looking Rubrics
abcBABYart – Create Custom Nursery Art