Understanding Credit Reports Lesson Plan

1.4.2.A1Worksheet8. Define the purpose of a Credit Reporting Agency. (1 point)9. Who are the three credit reporting agencies in the U.S.? (3 points)10. What Web site can a person visit to receive a free credit report annually? (1 points)11. Who can request a consumer’s credit reports? (1 point)12. What are the two most common errors that appear on a credit report? (2 points)13. What are the two rights consumers are given under the Fair Credit Reporting Act? (2 points)14. Define credit score. (1 point)15. What are the five categories and the percentages important to a credit score? (10 points)16. List three ways a credit score can affect a consumer. (3 points)© Family Economics & Financial Education – Revised April 2005 – Credit Unit – Understanding Credit Reports – Page 9Funded by a grant from Take Charge America, Inc. to Norton School of Family and Consumer Sciences at the University of Arizona