Explanation should include

• identifying the advantages of establishing credit
• describing the credit scoring system and its implications
• identifying what information is included in a person’s credit record or history (e.g., income, payment records, employment record, other personal factors)
• describing the factors that make up a credit score
• describing ways to build credit as an authorized user on an account
• explaining how one’s credit score affects eligibility for credit and employment
• explaining how to access one’s personal credit record prior to applying for credit, or, if denied credit, identifying reasons for a credit check
• describing steps for correcting errors in one’s credit report.

Process/Skill Questions:

• How does one establish credit?
• What factors contribute to one’s credit score?
• What are the pros and cons of using credit?
• How is credit used responsibly?