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Current events involving consumer credit

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Current events involving consumer credit

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Wells fargo's scandal damaged peoples credit score they opened a lot of bank and credit card accounts customers did not need or wanted affected a lot of their customers credit scores
https://www.washingtonpost.com/business/economy/in-wake-of-wells-fargo-scandal-whats-to-be-done-about-damaged-credit-scores/2017/08/18/f26d30e6-7c78-11e7-9d08-b79f191668ed_story.html?utm_term=.1c2577b94f00

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-Is when your credit card gets into the wrong hands and something has gone wrong  check your account frequently  for errors.  keep credit card safe, shred anything with your credit card number on it, don' t sign blank credit card receipts

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- Pay your bills on time
- Don't open extra accounts
- Keep balance low
It impact the interests rates
-If you have a high credit score you'll have lower interest rate having a low interest rate is beneficial it gives you more money

-If you have a low credit score it'll  give you the opposite of having a high credit score

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Amounts owed- 30% How much you owe on each account, how much credit limit you used
Payment history- 35% Have you paid your bills on time? the timing
Types of credit- 10%  what type of debt you have?
New credit- 10% How many new accounts you had?
credit history 19% How long have you had each account?

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Bank cards-  Banks take liability and expense of granting  credit (Mastercard and Visa)

Travel and entertainment - Used for business travelers' expenses (AMEX)

Oil companies or affinity cards-  Company, sports teams, or charity  gets a small percentage of sale for using name.

Retail store cards-  Can only be used for issuing store.

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- Personal information
- Public records
- Adverse accounts

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Trade credit- Company receives goods from a supplier and pays later

loan credit- Borrow money to use for something special

Installments-  Borrowers agrees to repay loans same amount

Sales credit-  Using cards to make purchases

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- Installment loans are monthly payments in specific amounts over time.
- Single payment loans don't pay anything until the end of the loan period.
- Promissory note is a written promise to repay based on.

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PROS
- Convenience makes it easy to buy without carrying cash
- Immediate possessions allows you to have the item now
- Credit rating
CONS
- Getting a lot of things you cannot afford
-  Careless buying
- Higher prices

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Character- Pay bills on time do you pay your bills on time

Capacity-  Ability to pay debt when its due Are you able to make a payment

capital- Value of the borrower's possessions do you still have to pay something off

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-  Practice with grades and attendance
- keep a balance in checking and saving account
- Make purchases with card ( avoid interest charges)

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- Gathers info on credit users
sell information to businesses offering credit like banks, finance  companies etc
TEE
- Transunion, Equifax  &  Experian