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    Student Activity Packet SC-6.1

    Uploaded by

    Chassidy Aberdeen
    This document is a student activity packet about credit reports and credit history. The packet aims to teach students about the components of a credit report, who can access credit reports and why, and key aspects of the Fair Credit Reporting Act. The packet contains articles and discussion questions to help students learn that credit reports contain personal information, credit history, public records, and credit inquiries; that credit history is the most important component as it can track scores over time; and that paying bills on time is critical because late payments negatively impact credit scores and interest rates for up to 10 years.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Student Activity Packet SC-6.1

    Uploaded by

    Chassidy Aberdeen
    3K views3 pages
    This document is a student activity packet about credit reports and credit history. The packet aims to teach students about the components of a credit report, who can access credit reports and why, and key aspects of the Fair Credit Reporting Act. The packet contains articles and discussion questions to help students learn that credit reports contain personal information, credit history, public records, and credit inquiries; that credit history is the most important component as it can track scores over time; and that paying bills on time is critical because late payments negatively impact credit scores and interest rates for up to 10 years.

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    This document is a student activity packet about credit reports and credit history. The packet aims to teach students about the components of a credit report, who can access credit reports and why, and key aspects of the Fair Credit Reporting Act. The packet contains articles and discussion questions to help students learn that credit reports contain personal information, credit history, public records, and credit inquiries; that credit history is the most important component as it can track scores over time; and that paying bills on time is critical because late payments negatively impact credit scores and interest rates for up to 10 years.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    3K views3 pages

    Student Activity Packet SC-6.1

    Uploaded by

    Chassidy Aberdeen
    This document is a student activity packet about credit reports and credit history. The packet aims to teach students about the components of a credit report, who can access credit reports and why, and key aspects of the Fair Credit Reporting Act. The packet contains articles and discussion questions to help students learn that credit reports contain personal information, credit history, public records, and credit inquiries; that credit history is the most important component as it can track scores over time; and that paying bills on time is critical because late payments negatively impact credit scores and interest rates for up to 10 years.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    Semester Course

    6.1 Your Credit History


    Student Activity Packet

    Name:

    In this lesson, you will learn to:


    ● Enumerate the components of a credit report and how long each data type is retained
    ● Understand which people or organizations may review your credit report and why
    ● Explain key components of the Fair Credit Reporting Act and how it impacts lenders and borrowers

    Resources Questions
    Estimated time: 5 mins
    Discussion Prompts
    1 Discuss these questions with
    If someone you did NOT know wanted to borrow money, what would you want to learn
    about them before deciding? Why?
    your classmates or with a
    partner.

    Estimated time: 5 mins


    What Is a Credit Report? |
    2 Financial Terms 1. What is the connection between a credit report and a credit score?
    Watch this video and use the Determines your credit score
    information to answer the
    questions at right. 2. How long do financial records remain on your credit report?
    7-10 years

    3. Record some of the information you can expect to find on a credit report.
    Credit history, personal info, loans

    4. List two reasons explaining why it’s important to request your 3 credit reports
    and review them regularly. *Note: You should request reports from all 3 agencies
    because they collect and report data slightly differently, so you want to make sure all are
    accurate and reflect your true credit history.

    make sure that the information is correct


    compare your 3 credit reports
    5. How can you obtain a free copy of your credit report?

    Annualcreditreport.com

    Estimated time: 5 mins


    8 Types of Companies That Are
    3 Looking at Your Credit Report
    Read this article to learn about Who looks at your credit report? Why?
    which companies look at your
    credit report and why. Use brief See if you can pay off your debts on time
    phrases to complete the chart Employers

    www.ngpf.org Last updated: 11/5/2020


    1
    at right. Home/Car loaners
    Insurance companies
    Landlords
    Card companies

    Estimated time: 5 mins


    Your Credit Report: What You
    4 Need to Know 1. Record the four main sections of your credit report.
    Read this article and answer the
    questions at right. Record the
    Personal Info
    four main sections of your
    credit report in the space at Credit history
    right. Which do you think is Public records
    most important? Why? Credit inquiries

    2. Which do you think is most important? Why?


    History. Be able to track your score based on past scores

    Estimated time: 5 mins


    Community Credit: On-Time
    5 Payers Map 1. What percent of adults, nationally, were current on all credit payments in the last
    Your history of ontime year?
    payments is one of the most
    79.1%
    important aspects of your
    entire credit report. It’s also
    important to remember that 2. Your friend sees your answer to #1 and assumes that each of those people has a
    records stay on your report for high credit score. Why is your friend incorrect?
    up to a decade! Use this
    interactive map to learn about Not everyone might have been consistent
    how many Americans are 3. How does your state’s on-time payment record compare to the national rate?
    delinquent in their payments.
    Higher than the national rate
    Then, answer the questions at
    right.
    4. Find your county within your state. How does your county’s rate compare to your
    state’s rate of on-time payment?
    Lower by 0.1%

    5. If you look at the state shading on the map, it seems on-time payment rates are
    somewhat clumped geographically. What might cause that “clumping?”
    Access to different areas. Some people may have to drive further to get to their payment
    destination.

    6. Based on prior learning, name two reasons that paying your credit card or loan

    www.ngpf.org Last updated: 11/5/2020


    2
    bill late has serious consequences.
    Lower credit score. Higher interest rate.

    Estimated time: 15 mins


    RESEARCH: Fair Credit
    6 Reporting Act Web Quest
    Many of the policies and
    practices you’ve been learning Skip this!!
    about exist because of the Fair
    Credit Reporting Act. Follow the
    directions on this worksheet in
    order to complete the activity.

    Estimated time: 5 mins


    Exit Ticket
    7
    1. Which item would not appear on a credit report?
    a. Balance from your bank accounts
    b. Payment history on your student loans
    c. Balance owed on your car loan

    2. Why is it important to review your credit reports annually?


    Make sure they are up to date

    3. What website do you visit to request your free credit reports?

    Annualcreditreport.com

    www.ngpf.org Last updated: 11/5/2020


    3

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