Title: Explain credit rating and credit report.
Course: Economics and Personal Finance (19262-36) > Section: Demonstrating Knowledge of Credit and Loan Functions

Explanation should consist of

- identifying the advantages of establishing credit
- describing the way credit is rated (point system) and the contents of a credit report
- identifying what information is included in a person’s credit record or history (e.g., income, payment records, closed accounts, employment record, previous bankruptcy, public records, other personal factors)
- reviewing credit rating scores and describing their implications, including the impact on interest rates for future credit
- describing the factors that make up a credit score
- describing ways to build credit as an authorized user on an account
- explaining how a customer’s credit rating affects eligibility for credit and employment
- identifying how revolving credit can affect long-term financial goals such as applying for a mortgage
- describing how to access one’s personal credit record before applying for credit, or, if denied credit, identifying reasons for a credit check
- describing steps for correcting errors in one’s credit report.
- explaining the different uses of FICO (originally Fair, Isaac and Company) credit reporting agencies
- identifying the three credit reporting agencies
  - Equifax
  - TransUnion
  - Experian.