Managing Credit Unit

Students will be able to:

• Observe how interest-bearing credit accounts impact a person’s ability to manage debt
• Analyze the actions of someone who found themselves in problematic debt
• Assess multiple strategies to reduce or eliminate debt
• Compare when late payments become troublesome and the potential consequences for late payments of different types of debt

Students will be able to:

• Analyze how often credit reports are used
• Summarize the content and purpose of a credit report
• Analyze a credit report
• Explain how to address errors on a credit report

Students will be able to:

• Compare the percentage of people in different credit score bands
• Explain what a credit score is and how one is calculated
• Analyze the different methods available to view their credit score
• Critique different credit score scenarios and formulate a plan on how to improve credit scores

Students will be able to:

• Explain how long it takes to establish a credit score
• Analyze reasons why it’s important to establish credit early in life
• Identify strategies to start building credit
• Compare the impact of different credit scores when taking out different types of loans

Students will be able to

• Enumerate the components of a credit report and how long each data type is retained
• Understand which people or organizations may review your credit report and why
• Explain key components of the Fair Credit Reporting Act and how it impacts lenders and borrowers

Students will be able to

• Read a credit report
• Understand the importance of reviewing one’s credit report and the steps to take to find and dispute errors

Students will be able to

• Name the components of a credit score and how they’re calculated
• Explain the impact of timely payments and low debt on credit score
• Identify ways of finding out one's credit score

Students will be able to

• Describe how credit score impacts the ability to borrow money and at what rate
• Understand the implications of a thin file and how they can build credit and improve their score
• Summarize the rules contained in the Equal Credit Opportunity Act

In this lesson, students will be able to

• Explain how to make good choices regarding the use and management of credit and debt
• Understand how credit is typically used in the US
• Calculate net worth
• State the difference between a credit report and score and why each is important

In this lesson, students will be able to:

• Enumerate the components of a credit report and how long each data type is retained
• Read a credit report
• Explain key components of the Fair Credit Reporting Act and how it impacts lenders and borrowers
• Understand the importance of reviewing one’s credit report and the steps to take to find and dispute errors

Students will be able to:

• Name the components of a credit score and how they’re calculated, with specific focus on credit utilization rate
• Describe how credit score impacts the ability to borrow money and at what rate
• Understand the implications of a thin file and how they can build credit and improve their score
• Summarize the rules contained in the Equal Credit Opportunity Act

In this lesson students will be able to:

• Generate a list of responsible strategies that can be used by an individual to pay down and eliminate their debts
• Explain the difference between High Rate and Debt Snowball repayment methods
• Decide whether credit counseling, the FTC, or the CFPB could help them manage debt
• Understand the consequences for not paying one’s debts and the choices of last resort for out-of-control debt