Episode 38: Credit Reports Reporting for Duty

Good day everyone! Today we are talking about the Credit Report. What in the world is it and why is it so important? A Credit Report is essentially a scorecard that judges how reliable you are at paying back borrowed money. The higher the score, the more reliable you are at paying back money. T

• The Basics of Borrowing
  • You need something but have no financial ability to pay so you borrow money with a catch
  • Like saying it will cost you $500 to borrow $20 from me
  • The price attached with that is interest
    • Percentage of cost
  • Companies want you to pay the minimum balances- they earn more money
  • Interest Varies: Rate
    • Based on Credit History
    • Credit Score
  • Credit Score!
    • Based on history, a Report Card for your finances
  • Credit Score Breakdown
  • Credit Score Depends on the Following Factors:
    • Credit History
    • Payment
    • Debt
    • Credit Accounts Opened
    • Public Records
    • Inquiries
  • The Way to Begin Credit Repair is to look at the three Credit Agencies
    • Transunion
    • Equifax
    • Experian
  • LOOK AT IT LOOK AT IT LOOK AT IT
  • Where to start paying back:
    • Debt has a priority on what to pay back
  • What impacts your Credit Score:
    • Settlements/Collections
    • Taxes
    • Credit Cards
    • Students Loans
    • Car Payments
    • Students Loans
    • Home Loans

Thank as always for listening! Y'all are fabulous.

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