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CREDIT CHECK A L L I A N C E
N O R T H E R N I N D I A N A
(219) 464-3583 | NIBOA.org | [email protected]
DEBT VS. CREDITDebt is money you borrow from a business or person. Credit is your ability to borrow money.
WHAT DID WE LEARN?
WHY IS CREDIT IMPORTANT?
• It is useful in times of emergencies
• It is convenient when you do not have cash
• It allows you to pay for large purchases over time
• It can help you obtain employment, housing and insurance
A CREDIT REPORT DOCUMENTS YOUR BILL PAYING HISTORY.
It tells lenders:
• Who you are
• How much debt you have
• Whether you have made payments on time
• Whether there is negative information about you in public records
A GOOD CREDIT REPORT IS IMPORTANT.
Credit reports are used:
• To obtain loans and other credit
• To get certain kinds of jobs
• For rental and mortgage applications
• To obtain insurance
MAKE SURE YOUR REPORT IS CORRECT.
Verify the accuracy of your:
• Name and address
• Social security number
• Accounts and account numbers
Before you apply for a loan, check your credit report. You can get a free credit report from each of the 3 credit bureaus once a year at annualcreditreport.com
© 2017 United Way of Porter County
(219) 464-3583 | NIBOA.org | [email protected]
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CREDIT SCORE
Your credit score is a three-digit number based on the information in your credit report. It represents your credit worthiness to lenders.
Excellent: 800-900
Good: 720-799
Fair: 680-719
Poor: 600-679
Bad: 300-599
Better credit can mean lower interest rates, which means you save money on your loan.
REPAIRING YOUR OWN CREDIT
• Get a copy of your credit report
• Contact the credit reporting agency and creditors to report errors
• Consider opting out of unsolicited offers for credit to avoid getting into more debt
IF YOU WANT TO IMPROVE YOUR CREDIT SCORE, YOU MUST IMPROVE YOUR CREDIT REPORT.
Beware of credit repair scams. Credit repair scams may offer to:
• Provide you with a credit report for a fee
• Fix bad credit notations and give you credit identity
• Provide a service for payment up front
HERE’S SOMETHING YOU CAN DO AT HOME
ASSIGNMENT
• Order your credit report on annualcreditreport.com and check accuracy
• Check your credit score on creditsesame.com
• Opt out of unsolicited credit offers at optoutprescreen.com
RESOURCES
2-1-1
This community resource directory provides information on local nonprofit and government social services for those in need. It is the easiest way to connect to food services, housing assistance, employment services, counseling resources and more. If you are in need, dial 2-1-1.
WorkOne
The WorkOne Center is the heart of the workforce development system. It’s where WorkOne staff help you find a new or better job, choose a career, access training or get the information needed to succeed in today’s job market. Visit your local WorkOne and find out what our friendly associates can do for you.
A L L I A N C E
N O R T H E R N I N D I A N A
