Page | 14 

2.6.1.L1 

Credit Reports and Scores Note Taking Guide 
 
 

 

Total Points Earned 

 

Kainan Cooper
 
10/30/2014

Name
 

Total Points Possible 

 

Percentage 

 

Date
 

 
Class
 

A borrower is:

A lender is:

A credit history is:

A credit report is:

The person or
organization that
is receiving the
money from the
lender

The person or
organization
who has the
resources to
provide the
individual with a
loan

A record of a
consumers
ability to repay
debts and
demonstrated
responsibility in
repaying debts.

A detailed report
of an individuals
credit history
prepared by a
credit bureau and
used by a lender
to in determining a
loan applicants
creditworthiness,
including 1

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 

How are credit reports created? 
Step 1: Get the data
Step 2: Identify the predictive characteristics

 

Step 4: Calculate the score
Step 5: Validate the score

What are the names of the three credit reporting 
agencies? 
 

Equifax, TransUnion, and Experian

 

 

What are three examples of personal information on a credit report? 

Social security, Date of birth, current and previous
employers
 

What are the types 
of credit account 
information?

Personal Data

Credit History

Account Details

Inquiries

Collections

 

 
 
 
 

© Take Charge Today – April 2014 – Credit Reports and Scores 
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

 

Page | 15 
2.6.1.L1 

Types of Credit

Also known as:

Definition

Extension of credit

Closed‐end

Open‐End

Revolving Credit

Example

A loan or extension of credit
in which the proceeds are
dispersed in full when the
loan closes and must be
repaid, including any interest
and finance charges, by a
specified date.

Someone pays back
the full amount owed
of credit on a certain
date set by the
company.

Requires the borrower to
pay at least a minimum
amount of the total owed
each month, or if you want
the entire amount, even as
new charges are being
added to the balance.

An individual
subsequently pays
back money prior to
payments coming
due.
 

 

Place the following symbols 
on each section of Sam’s 
Electronic World Account 
described by the 
corresponding type of 
information. 
  Type of credit 
  Loan amount/credit limit 
  Date account was 
opened 
 Account balance 

SAM’S ELECTRONIC WORLD 
Address:                                    Account Number:
123 MAIN STREET                         3624**** 
ANYWHERE, AZ 00000 
Status: Open/Past due 60 days.
Date Opened:
02/2009 
Reported Since: 
02/2010 
Date of Status: 
10/2012 
Last Reported: 
10/2012 

Type:
Revolving 
Terms: 
N/A 
Monthly Payment: 
$0 
Responsibility: 
INDIVIDUAL                     

Credit Limit/Original Amount:
$500 
High Balance: 
$550 
Recent Balance: 
$84 as of 11/2012 
Recent Payment: 
$0 

Account History:
60 days as of 10‐2012 
30 days as of 09‐2012 

 Payment information 

 
 
What types of public record information may be in a credit report? 
 
 Bankruptcy, tax lien, judgements
 
 
 
 

When are inquiries potentially negative? 

When damage happens to your credit score
 
 

 

When do inquiries typically have no impact? 

If you apply for many credit
cards
 
 

© Take Charge Today – April 2014 – Credit Reports and Scores 
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

 

Page | 16 
2.6.1.L1 

Examples of lenders:

When do lenders report?

At least once every month to
major credit bureaus

Portfolio Mortgage Lenders
Correspondent Mortgage Lenders
Direct Mortgage Lenders
Wholesale Mortgage Lenders
Warehouse Lenders
Subprime Mortgage Lenders
Alt-A Mortgage Lenders

Who reports to CRA's?
Examples of data furnishers:

When do data furnishers report?

Consumer Financial Protection Bureau

Once every month

 

5 examples of 
information not in 
a credit report

 
 
 
 
 
 
 

Credit
Report
Derivatives

Non-Credit
Banking
Information

Beliefs &
Affiliations

Outdated
Financial
Information

Certain Public
Records

 

Why is time the only way to remove negative information from a credit report? 

Because you cant pay to have them removed and the only way they will take off negative
 
things is to wait.
 

What is a credit 
score?

What information is 
included in a credit 
score?

Three digit number calculated
from your data-rich credit
report and is one factor used
by lenders to determine your
creditworthiness for a
mortgage, loan or credit card.

Bill paying history, Number of accounts
you have and what kind, how much of
your available credit you are using, how
long you have had your accounts open,
recent credit activity, whether youv'e
had a debt referred for collection, a
foreclosure, or a bankruptcy, and how
old these are.

Who, most 
commonly, produces 
scores?

What are the score 
ranges of the two 
most common 
systems?

FICO

300-850

 

A credit score reflects 
a particular... 

What does a score 
indicate about a 
consumer?

Determines your
credit worhiness
for a mortgage

Whether or not
they can be
approved

A higher score 
typically means what?

Does a consumer have 
one or multiple 
scores?

Lenders offer their
best rates and
terms

Multiple

© Take Charge Today – April 2014 – Credit Reports and Scores 
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

 

Page | 17 
2.6.1.L1 

 
In addition to access to credit, what are two other ways an individual’s credit history may impact them? 
 
 
-You
might have to pay more to borrow money
 
 -It can effect whether you get a job, what you pay for insurance
 
 
 
 

5 strategies to 
build a positive 
credit history 
include:

 
 
  What are two strategies to acquire and positively manage small lines 
 
of credit? 
 
 
 
 
 
 
 
 
 

How often can a 
free credit report be 
requested?

What is the only 
government‐
sponored website?

 

How is a co‐signer impacted? 

How are credit 
scores accessed?

 
 

If an error is found, 
a consumer should:

 

 

© Take Charge Today – April 2014 – Credit Reports and Scores 
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona