Managing Credit Lessons

/Managing Credit Lessons
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Managing Credit Lessons

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In this lesson, students will be able to

  • Explain how to make good choices regarding the use and management of credit and debt
  • Understand how credit is typically used in the US
  • Calculate net worth
  • State the difference between a credit report and score and why each is important
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In this lesson, students will be able to:

  • Enumerate the components of a credit report and how long each data type is retained
  • Read a credit report
  • Explain key components of the Fair Credit Reporting Act and how it impacts lenders and borrowers
  • Understand the importance of reviewing one’s credit report and the steps to take to find and dispute errors
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Students will be able to:

  • Name the components of a credit score and how they’re calculated, with specific focus on credit utilization rate
  • Describe how credit score impacts the ability to borrow money and at what rate
  • Understand the implications of a thin file and how they can build credit and improve their score
  • Summarize the rules contained in the Equal Credit Opportunity Act
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In this lesson students will be able to:

  • Generate a list of responsible strategies that can be used by an individual to pay down and eliminate their debts
  • Explain the difference between High Rate and Debt Snowball repayment methods
  • Decide whether credit counseling, the FTC, or the CFPB could help them manage debt
  • Understand the consequences for not paying one’s debts and the choices of last resort for out-of-control debt
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