Assignment: Your Credit Report
Good personal credit standing is integral to financial success. As an individual, you are judged by your personal credit. Your credit rating is not only used to determine your ability to borrow on a mortgage, car, or credit card, but it is also used to judge whether you can rent an apartment, obtain insurance, or even get a job. As a college student, your success is determined by your grade point average (GPA). Once you are a working professional, it is your credit score that measures your financial success in life. This assignment will help you understand your own credit as well as factors that determine your current credit.
How To Obtain a Credit Report:
You may also choose to receive your report from TransUnion, Experian, Equifax, or all three.
Based on your credit report, write a paper to address the following questions. Do not share personal information that may be confidential.
Which elements in your report do you think would have a positive impact on your credit score and which elements would have a negative impact on your credit score? Explain your answer.
How do you think you could improve your credit score? Create a five-point plan to raise or maintain your credit score. Be sure to do the following:
a. Specifically reference the guidance in your textbook to address this question.
b. Use credible Web sites to guide you.