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Financial Literacy in Action
Tutorial: Credit Scoring
 

Establishing a good credit rating is very important. Most people need to borrow occasionally — to pay for college, a car, or a house — and can get credit only if considered creditworthy by lenders. To gain a better understanding of how creditors determine your credit worthiness, access http://www.ftc.gov/bcp/edu/pubs/consumer/
credit/cre24.htm
. Based on what you read, explain your answers to the following questions:

  • What is credit scoring?
  • What would be the three most important criteria you would set in determining a credit score?
  • How do lenders determine credit scores for prospective borrowers?
  • How can you appeal an unfavorable credit rating? How can you improve an unfavorable rating?
  • To what extent is it important for consumers to know about credit scoring?
 
Credit - Tutorial: Credit Scoring
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