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
- 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?