PPT-Credit Scores and Your Financial Future

2 Copyright Texas Education Agency 2012 All rights reserved Copyright Texas Education Agency 2012 These Materials are copyrighted and trademarked as the property of the Texas Education Agency TEA and may not be reproduced without the express written permission of TEA except under the following conditions. How They Impact Your Financial Success. Presented by: Lynne A. Coverdale, MBA. Salin Bank & Trust Company . Background. The FICO . stands for Fair Isaac and Co., a company founded in 1956 by Bill Fair, an engineer, and Earl Isaac, a . Credit Scores. What We’re Covering Today. What is a credit score/rating?. What is a FICO score?. Why do I have more than one credit score/rating?. Why is my credit score important?. How can I improve my score?. Important Steps to Being Financially Fit. . 1. ©2014 Mapping Your Future, Inc.. Personal Finance. . 2. ©2014 Mapping Your Future, Inc.. The National Economics Department. Financial Freedom Campaign. NAACP. Agenda. What is Credit?. Pros & Cons. Types of Credit. Understanding Financial Institutions. Importance of Building Credit. Credit Building V.S. Non Credit Building. How They Impact Your Financial Success. Presented by: Lynne A. Coverdale, MBA. Salin Bank & Trust Company. l.coverdale@salin.com . Outline . Background . Components of a Credit Report. Users of Credit Data . Gonzalo Manchego. Duquesne University SBDC. Managing Credit. Which are the main sources of capital for the business?. Why is credit important for my business?. Do you know your personal credit score?. Are You Prepared for Your Financial Future?. Pinpoint your specific problem areas. Highlight steps to turn things around. Bad Saving Habits. More than half (54 percent) of Americans have not been able to save any of their income in the past year. The National Economics Department. Financial Freedom Campaign. NAACP. Agenda. What is Credit?. Pros & Cons. Types of Credit. Understanding Financial Institutions. Importance of Building Credit. Credit Building V.S. Non Credit Building. . What is a Credit Report?. . A credit report gives a picture of a persons’ history of borrowing and repaying money.. . There are three national bureaus or Credit Reporting Agencies (CRAs). . Equifax, Experian, TransUnion. CAS Ratemaking and Product Management. Spring 2012 – March 20. 1. 2. What are Credit-based Insurance Scores?. . A numeric representation of relative insurance claim risk based on consumer credit details. How to fix, improve and protect your credit score. Why is it important?. FICO Scores are your credit rating. Most lenders base approval upon them. Higher scores means better credit, lower interest rates and lower payments. Your. . tool. to . closing. more . loans. . saving. time & building . referrals. !. Credit Repair vs. Your Trusted Credit Reporting Professionals. Who is the presenter?. Vic Melillo. -. . 25 year credit . Module 6. Credit Reports and Scores. September 2018. 1. Pre-Training Survey. See page 57 in your Participant Guide . 2. Section 1: Credit Reports. Section 1. Credit Reports. See page 3 in your Participant Guide. Primary activity of banks:. Loans. Resources to Borrower. Return to Lender. Monetary Policy. Credit creation relies on banks. Reserve ratio. Money multiplier. Secured vs unsecured loans. Collateral. Offset adverse selection.