FIN LIT PD7

FIN LIT PD7
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Storyboard Text

  • Hi my name is QiQi, and I'm here to discuss about about credit and credit report.
  • Hi QiQi, my name is Sara and yes I would like to know about credit and credit history.
  • Alright, so credit refers to borrowing, and you use credit to receive money, goods, or services in exchange for your promise to pay back the amount in the future.
  • Ok so you can pretty much borrow as much as you want and just pay it back in the future, right?
  • Well not really because you have to have a good credit score which is a numerical number which determines your credit worthiness. It also allows lenders to make quick and fair choices. Also credit scores are available to consumers by agencies which will allow you to find out more about your score.
  • WOW, that is a lot to think about and yes I need to consider my credit score.
  • Yeah and credit report agencies don't decide whether or not to grant you credit; the agencies only collect credit history information from your lenders.
  • Well, what if I never used credit?
  • Then you won't have any credit report don't any credit history than the lenders won't know whether they should lend you or not.
  • Ok then, I better get a credit card and start building up my credit score.
  • Well I hope this helped and I have to get to my next meeting so I'll see you later.
  • Yes it indeed helped, and yes I'll see you later QiQi.
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