Understand the factors that determine your credit score to empower you to manage your personal financial life effectively.

October 22, 2024October 22, 2024 Discipline: Finance
  1. Factors Determining Your Credit Score (10 points)
    • In your own words, number and describe at least five (5) factors that determine your credit score. Simply listing the factors without explanation will not earn points.
  2. Importance of a Strong Credit Score (10 points)
    • Explain why having a strong credit score is critically important. Conduct some research to support your answer. Discuss how your credit score affects your financial life and the benefits of a strong credit score that extends beyond credit approvals and interest rates.
  3. Pull Your Own Credit Report (10 points)
    • The Fair Credit Reporting Act (FCRA) requires each of the nationwide credit reporting companies—Equifax, Experian, and TransUnion—to provide you with a free copy of your credit report once every 12 months. 
    • Show evidence that you pulled your credit score (e.g., screenshot, photo upload) and share your thoughts on your existing score. Discuss what steps you may take to improve it. You may redact your actual score for privacy. 

By using these resources, you can access your credit report and stay informed about your credit status:

  1. Request it for free from annualcreditreport.comLinks to an external site..  The Fair Credit Reporting Act (FCRA) entitles you to one free report from each of the major nationwide credit reporting companies (Equifax, Experian, and TransUnion) once a year.
  2. Credit Karma:  Visit creditkarma.comLinks to an external site. to access your credit report and score for free. Credit Karma provides free credit reports and scores.
  3. Directly from the credit reporting agencies:  You can also request your free credit report directly from the three major credit reporting companies.
  4. Credit Card Providers:
    • Many credit card companies offer free credit scores and reports as a benefit to their cardholders. Check with your credit card provider to see if this service is available.
  5. Financial Institutions:
    • Some banks and credit unions also provide free credit scores and reports to their customers. Check with your financial institution to see if they offer this service.

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