Credit Scores: What's New
Tuesday, May 3, 11 a.m.-12:30 p.m. ET
This 90-minute webinar will present findings from Experian Public Education Director Rod Griffin and Dr. Barbara O'Neill. This webinar will cover the fundamentals of credit reporting and credit scoring and what you must do to get the credit you want and need.
Speakers: Dr. Barbara O'Neill and Rod Griffin
Register, join & find supporting resources: https://learn.extension.org/events/2488
Discover the new world of credit. In this PowerPoint developed for high school students, be introduced to the vocabulary of credit, what it is, and why it is important to maintain a good credit score.
Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood. It also caters to the “Peer to Peer” collect request which can be scheduled and paid as per requirement and convenience.
A Payment Gateway is an ecommerce application that authorizes payments for e-business, online retailers etc. Analogy of payment is cash counters which are located in the retail outlets. Payment gateways encrypt sensitive information such as credit card numbers to ensure that information passes securely between the customer and the merchant.
A primer and overview of Open Banking, also known as Payment Service Directive 2 or PSD2, which went into effect in the UK on 13 January 2018. Produced by Digital Ventures, the Fintech arm of Siam Commercial Bank. Credit to Nat Wittayatanaseth for the research.
Discover the new world of credit. In this PowerPoint developed for high school students, be introduced to the vocabulary of credit, what it is, and why it is important to maintain a good credit score.
Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood. It also caters to the “Peer to Peer” collect request which can be scheduled and paid as per requirement and convenience.
A Payment Gateway is an ecommerce application that authorizes payments for e-business, online retailers etc. Analogy of payment is cash counters which are located in the retail outlets. Payment gateways encrypt sensitive information such as credit card numbers to ensure that information passes securely between the customer and the merchant.
A primer and overview of Open Banking, also known as Payment Service Directive 2 or PSD2, which went into effect in the UK on 13 January 2018. Produced by Digital Ventures, the Fintech arm of Siam Commercial Bank. Credit to Nat Wittayatanaseth for the research.
This presentation is about technology internet banking or net banking which is very essential and helpful in our daily life..so in this ppt basic and some advance concepts are highlighted. i am sure this will be very much help full for u
Finacle from Infosys partners with banks to power-up their innovation agenda, enabling differentiated products and service, enhancing customer experience and improving operational efficiency at banks. Finacle solutions address the core banking, wealth management, CRM, Islamic banking, treasury, e-banking and mobile banking requirements of retail, corporate and universal banks worldwide and provide online marketing tools like Finacle finanz tools.
Different Types of Mobile payments
Payment Models
- SMS/USSD-based transactional payments
- Direct mobile billing
- Mobile web payments (WAP)
- QR Code Payments
- Contactless Near Field Communication
- Cloud-based mobile payments (Please elaborate applepay, google, paypal and others)
- Audio signal-based payments
- Direct carrier/bank co-operation
Mobile Wallet is a service that allows users to manage digitized values (offers, coupons, rewards within loyalty programs, ticketing, boarding passes, gift certificates, ID-cards or information about products and services) of different brands and makes it possible to make payments (with bank accounts, bank cards, and electronic money)
The First stage of Lending/Financial services is Known as Loan Origination process. The most important & critical stage in the complete Loan servicing. The Finance Industry is now shifting its focus on Customer engagement & Satisfaction with the elements of design & delivery that fulfills customers’ expectations first.
Da Afghanistan Bank (DAB) extremely satisfied with Creditinfo’s Public Credit Registry System .
Creditinfo recently designed a system to record and analyse credit information for Da Afghanistan Bank (DAB). The new system was implemented in December 2013, less than 9 months after the tender organised by the Central Bank of Afghanistan (in cooperation with the World Bank, International Finance Corporation (IFC) and Harakat Organization) was won by Creditinfo.
This presentation is about technology internet banking or net banking which is very essential and helpful in our daily life..so in this ppt basic and some advance concepts are highlighted. i am sure this will be very much help full for u
Finacle from Infosys partners with banks to power-up their innovation agenda, enabling differentiated products and service, enhancing customer experience and improving operational efficiency at banks. Finacle solutions address the core banking, wealth management, CRM, Islamic banking, treasury, e-banking and mobile banking requirements of retail, corporate and universal banks worldwide and provide online marketing tools like Finacle finanz tools.
Different Types of Mobile payments
Payment Models
- SMS/USSD-based transactional payments
- Direct mobile billing
- Mobile web payments (WAP)
- QR Code Payments
- Contactless Near Field Communication
- Cloud-based mobile payments (Please elaborate applepay, google, paypal and others)
- Audio signal-based payments
- Direct carrier/bank co-operation
Mobile Wallet is a service that allows users to manage digitized values (offers, coupons, rewards within loyalty programs, ticketing, boarding passes, gift certificates, ID-cards or information about products and services) of different brands and makes it possible to make payments (with bank accounts, bank cards, and electronic money)
The First stage of Lending/Financial services is Known as Loan Origination process. The most important & critical stage in the complete Loan servicing. The Finance Industry is now shifting its focus on Customer engagement & Satisfaction with the elements of design & delivery that fulfills customers’ expectations first.
Da Afghanistan Bank (DAB) extremely satisfied with Creditinfo’s Public Credit Registry System .
Creditinfo recently designed a system to record and analyse credit information for Da Afghanistan Bank (DAB). The new system was implemented in December 2013, less than 9 months after the tender organised by the Central Bank of Afghanistan (in cooperation with the World Bank, International Finance Corporation (IFC) and Harakat Organization) was won by Creditinfo.
Consumer Credit Scoring Using Logistic Regression and Random ForestHirak Sen Roy
Project Details: In this study, the concept and application of credit scoring in a German banking environment is
explained. A credit scoring model has been developed using logistic regression and random forest. Limitations of
the model are explained and possible solutions are given with an overview of LASSO.
Guide: Dr. Sibnarayan Guria, Associate Professor and Head of the Department, Department of
Statistics, West Bengal State University
Language Used: R
Credit scores influence the credit that’s available and the terms i.e. interest rate, etc. that lenders may offer. It’s a vital part of credit health, and when a consumer applies for credit - whether for a credit card, an auto loan, or a mortgage, lenders want to know what risk they'd take by loaning money. When lenders order a credit report, they are seeking information, and a credit score helps lenders evaluate a credit report because it’s simply a number that summarizes credit risk.
Credit Repair Education for Libraries 6.15.19Victor Johnson
Victor Vonico Johnson, as General Partner for Credit Restoration Mentors, conducts a talk at a Carrollton Texas Library to educate the community about the benefits of good credit, and how to achieve it.
Predatory Lending Practices & How to Avoid Themmilfamln
Dr. O'Neill and Marcus Beauregard will present a 90 minute webinar on behalf of the Military Families Learning Network that will focus on the practices and schemes associated with predatory lending, as well as tips for educators and practitioners to share with clients to help them avoid becoming victims of these practices.
In July of every year, Military Consumer Protection Day is celebrated. To tie in with this theme, the Military Families Learning Network personal finance team is offering a webinar that will describe various types of predatory lending practices. Part One will include a definition of predatory lending and characteristics of predatory loans. It will also describe several common types of high-cost loans including payday, car title, and pawn shop loans and other forms of subprime lending. Part Two of the webinar will explore the impact of predatory loans on military families and regulations in place to protect against fraud
Of particular importance, this webinar will focus on the Regulation (32 CFR Part 232), which implements the Military Lending Act (MLA), which has been going through a significant revision so that the limitations in the MLA are effectively applied to credit available to Service members and their families. Join the webinar July 28 at 11 a.m. ET: https://learn.extension.org/events/2113/
Understanding Your Credit Report and ScoreSpringboard
Information about what’s on a credit report, how it gets there, how a credit score is calculated, and how to develop good financial habits. Understanding credit and knowing where you stand are vital to protecting yourself from predatory lending by unqualified or unscrupulous lenders offering costly or unstable loan products.
This was a presentation I'd made in 2006. Pretty much how a FICO score works, essentially the same guidelines are still being used in the credit industry globally. With some data evolution, considering digital boom. Including Transunion / Equifax / Experiean, CIBIL etc.
How Alternative Credit Data Provides Lift in Your PortfolioExperian
What is alternative data and how does it differ from traditional credit data?
How can alternative data be used to maximize your portfolio?
Learn how to leverage this new data set to maximize profits in your business. We’ll cover the latest findings in lender and consumer perspectives on alternative credit data and ways to use alternative credit data across the customer lifecycle giving you a deeper view of the consumer.
Understanding your credit.Why is important to understand your credit, how to create a behavior to maintain control over your score.Good Credit is less debts
The term “alternative data” is tossed about in the industry, but what types of alternative data can truly be used when lenders want to make a credit decision? How can it be leveraged to help you grow your credit portfolio wisely? What insights can you glean to expand your consumer universe?
Uncover some of the latest trends attached to the non-prime universe and learn the latest around alternative credit data. This deck additionally explores how some of the newest attributes can benefit lenders of all sizes.
Today's Realities, "Think About It . . . What Would It Be Worth? clyde leverett jr
* Toughest financial era since the Great Depression
* Average US debt is over $16,000 excluding mortgages
* More than one-in-four Americans have no savings / 49%
have no retirement
* Only 18% know they are on track to reach their income
goal in retirement (Source: Forbes)
* 65% have no will, 82% have no trust & 71% have no
power of attorney (Source: Lawyers.com, 2009)
* Every 3 seconds an identity is stolen (Source: Javelin
Strategy & Research Identity Fraud Survey Report,
* About 43 million people have a 599 credit score or lower
Warrior Wellness: Mental Health and Women in the U.S. Militarymilfamln
Women play a pivotal role in military operations, and their experiences and responses may differ from their male counterparts. This webinar looks at how mental health manifests differently for women, in particular women in the military.
Women in the Military: Special Contributions and Unique Challengesmilfamln
Women have made and continue to make special contributions to the military, however they also face unique challenges as service members. This webinar discusses those contributions as well as some of the challenges they face.
Focusing on Co-parenting: Strengthening Diverse Military Family Systemsmilfamln
Join us to explore how the Military Family Readiness System can strengthen diverse families with a focus on co-parenting knowledge and skills. Best practices and research based strategies will be described and applied to military family systems and transitions.
Family Systems Trends and Transitions: What They Mean For Military Familiesmilfamln
Families are changing in response to large global trends. Military families are experiencing the same transitions which may be compounded by military service. Demographic changes will be discussed and the implications on family systems. In this webinar, participants share views of these changes, both personally and professionally.
Promoting Successful Home-to-School Transitions for Military Families with Yo...milfamln
This webinar will focus on promoting positive transitions from home to school and from school to school (e.g., during a move) for young children and their families. The presenters will identify important transitions that occur during early childhood including moving from home to school or school to school and discuss what research indicates regarding how these transitions play a role in children’s socioemotional and cognitive development. The challenges that exist within these transitions will be identified.
Presenters will describe and promote participant discussion of a range of research-based strategies for military families and caregivers/teachers to promote effective home-to-school/school-to-school transitions, strategies that promote positive socioemotional or cognitive development prior to, during, and after a transition. These will include how to connect with schools/teachers from a distance, moving, creating routines within transitions. The presentation will include a question and answer session immediately following.
Home Is Where Your Heart Is | Kids Serve Too!milfamln
Representative(s) from the Sesame Street Workshop will address potential child concerns and developmentally appropriate responses to relocation transitions, explore resources that caregivers can use when addressing these concerns, and provide tips in navigating the resources related to this topic on the Sesame Street for Military Families website.
This event is hosted by the Family Transitions concentration area of the Military Families Learning Network.
PCS Series: Research and Tools for Supporting Military Transitionsmilfamln
An overview of common issues military families face during a Permanent Change of Station (PCS). The first half of this webinar will look at the 2018 RAND Report, “Enhancing Family Stability During a Permanent Change of Station.” The second half of the webinar will focus on the tools available to military service providers through Military OneSource, such as Plan my Move, and other Military OneSource moving resources that can support families throughout a PCS.
This is the 3rd webinar in a 3-part Permanent Change of Station series focused on the issues military families face during a PCS.
SlideShare - Sesame Street Overview on Military Resources milfamln
In this 60-minute webinar, representative(s) from the Sesame Street Workshop will introduce the Sesame Street for Military Families website as well as explore resources that can be utilized in training, outreach efforts, family conversations, and community events. They will also discuss activities that promote child and family self-expression.
Up and Away: Building Child Language, Social Interactions, and Preliteracy S...milfamln
This webinar will focus on strategies to help children use more complex sentences and vocabulary with their caregivers and peers. Children learn through daily routines and play, but as they grow and explore early education settings, their social worlds expand. Opportunities abound for children to learn as they take turns peeking at the classroom guinea pig, pretend to be police officers on a chase, and read books with a favorite caregiver. We will cover strategies to support growth in language, social communication, and early literacy skills by engaging children in meaningful, everyday activities in early care settings.
Objectives:
1. Name three strategies to help support a child’s growing ability to combine words
2. Describe the importance of social interactions during the preschool years and how to support turn-taking and other early social skills
3. Learn three early literacy strategies to use in supporting young children’s readiness for school
Overindulgence In Parenting: How Much Is Too Much?milfamln
Overindulgence is an issue many people face in our society as the research and subsequent literature has shown us. While society tells us we need more on a regular basis, parents and children alike are struggling to understand how much is enough and adults who were given too much as children often feel the effects.
What is overindulgence?
Three ways parents overindulge
Tools to reduce overindulgence (The Test of Four)
Online course offerings
Employment Resources for Military Familiesmilfamln
Webinar attendees working with military service members will leave the webinar knowing where to find resources, partnering organizations, and support when working with military spouses seeking educational or career opportunities.
Opportunities & Possibilities: Posttraumatic Growth in Research & Practice milfamln
In this presentation, Richard Tedeschi, Ph.D. will discuss the theoretical model and research basis of posttraumatic growth, the process by which trauma survivors often find valuable changes in how they live life in the aftermath of trauma. He will outline a framework for therapeutic interventions that facilitate posttraumatic growth through a way of relating called expert companionship. This approach to practice incorporates a broad view of what constitutes trauma, including many experiences that are not typically considered traumatic in our current diagnostic system, but which are traumatic to people because they challenge core beliefs about oneself, other people, the future, and the kind of world in which we live. The attention paid to possibilities for transformation of individuals and their relationships does not preclude working on typical symptoms of trauma, but recognizes that symptoms are better understood, tolerated, and reduced when traumatic suffering can have meaning and purpose.
Coconut oil is all the rage these days to benefit your health. It has been rumored to help with heart disease, thyroid problems, slow aging, and protect against illnesses such as Alzheimer’s, arthritis, diabetes and even weight loss. But what is the truth about coconut oil? Tune into this webinar to learn fact from fiction about this popular oil.
Learning Objectives
The participant will be able to discuss the composition of coconut oil and the metabolism of its triglycerides.
The participant will be able to explain the science behind the purported benefits of coconut oil for weight loss and blood lipid levels.
The participant will be able to assist clients in understanding the inclusion of coconut oil in the context of a healthy dietary pattern.
Small Talk: Strategies to Support Child Communication Before Words Emergemilfamln
Previous webinars in this series have covered child communication development through the preschool years. In this session Drs. Mollie Romano and Juliann Woods will discuss what families, early care and education providers, and early interventionists can do to help a child learn to communicate and talk. A focus will be placed on evidence-based strategies to support communication leading to words and how caregivers can embed these strategies in everyday activities - from walking to the bus stop to pick up an older sister to Face-timing with Mom or Dad while during deployment. The presenters will present a variety of responsive intervention strategies including interactive book sharing to support child communication and emergent literacy.
Objectives:
1. Describe the importance of responding to child communication as a strategy
2. Discover at least three ways to create opportunities for children to communicate during everyday routines
3. Learn how to coach families to embed strategies during their daily routines and activities
From Communication to Conversations: Expanding Language Development in the E...milfamln
Children’s language use grows dramatically throughout the toddler and preschool years. Words and phrases expand daily and children begin to form sentences that go beyond sharing their preferences. Their speech sounds continue to develop and include both predictable, and sometimes adorable, error patterns. Pre-literacy skills also emerge during this developmental window and lay the foundation for academic success as children approach elementary school. In this webinar, the presenters will discuss decontextualized language, early developing morphemes, timelines for phonological processes, and preliteracy achievements during the preschool years as well as when to worry that a child’s speech and language doesn’t seem to be progressing as expected.
Entrepreneurial Opportunities for Military Familiesmilfamln
This 90-minute webinar will examine the resources and programs offered by the Small Business Administration that can benefit military service members and spouses transitioning from the military into business-owning ventures. Jaime Wood from the Small Business Administration will give an overview of the programs offered nationally by the SBA to support entrepreneurial efforts of veterans and military spouses, including the Boots to Business initiative, programs offered by the Office of Veteran's Business Development, the Veteran Women Igniting the Spirit of Entrepreneurship (V-Wise), and Entrepreneurial Development programs for service disabled veterans.
Watch recording and learn more: https://learn.extension.org/events/3265
Getting to Know You: Early Communication Development from Birth to Three Yearsmilfamln
Infants share their needs and interests, as well as learn from social interactions within their everyday routines and activities. Recognizing children’s early communication signals is key to supporting their future development. Children learn about language and how it is used in their environment even prior to understanding and using words themselves. Join us as we explore the importance of early communication development and the initial stages of language expansion. We will share milestones that identify typical and atypical development along with resources which provide a deeper exploration of this topic.
Objectives:
*Identify at least 12 early developing gestures that are used by young children to share and gather information
*Describe early sound development milestones and identify red flags for atypical speech sound development
*Provide strategies for explaining how vocabulary and word combinations develop to families
*Discuss similarities and differences in communication development for Dual Language Learners
Income Tax Tips for PFMs Working with Military Familiesmilfamln
This is a free webinar hosted by the Personal Finance concentration area of the Military Families Learning Network.
This 90-minute webinar will address updates to tax changes that affect military families and service members. Barbara O’Neill will discuss tax basics and common tax errors during the first half hour of this interactive webinar. In the second half Taylor Spangler of University of Florida Extension will talk about the specific tax issues of concern to military families, as well as provide military specific resources for tax help and support. Carol Kando-Pineda of the Federal Trade Commission will close the session with an update on the resources available through identitytheft.gov. Find more info: https://learn.extension.org/events/3191
The Blended Retirement System Launch: Questions & Answers milfamln
The new Blended Retirement System goes into effect on January 1, 2018. Speaker Andy Corso will discuss Blended Retirement basics, including identifying the requirements for eligibility to opt into the BRS, requirements for automatic enrollment in the BRS, the opt-in period; enrollment and training requirements, including the factors used to determine if a member is opt-in eligible or automatically enrolled in the BRS, how enrollment status impacts benefits under the BRS, which training course(s) a member must complete, hardship extensions, ROTC/Academy rules, and special treatment of Delayed Entry Program enlistees. Mr. Corso will also cover vesting and account options such as basic rules for starting and stopping TSP contributions and receipt of matching and automatic TSP contributions, the vestment process in retirement savings and retirement benefits, breaks in service, re-entry, and change of component each impact benefits; and continuation pay and lump sum options including the requirements for receiving Continuation Pay, the policies and procedures for requesting a lump sum of retired pay, how a discount rate affects the amount of a lump sum, tools to analyze lump sum options, and the advantages and disadvantages of a lump sum.
Beyond the Shape Sorter: Playful Interactions that Promote Strong Academic & ...milfamln
This webinar is hosted by the MFLN Family Development Early Intervention concentration area. For full information and the archived recording, visited https://learn.extension.org/events/2943. Questions about the MFLN? Email us at MilFamLN@gmail.com
How to Build a Module in Odoo 17 Using the Scaffold MethodCeline George
Odoo provides an option for creating a module by using a single line command. By using this command the user can make a whole structure of a module. It is very easy for a beginner to make a module. There is no need to make each file manually. This slide will show how to create a module using the scaffold method.
Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
Unit 8 - Information and Communication Technology (Paper I).pdfThiyagu K
This slides describes the basic concepts of ICT, basics of Email, Emerging Technology and Digital Initiatives in Education. This presentations aligns with the UGC Paper I syllabus.
Introduction to AI for Nonprofits with Tapp NetworkTechSoup
Dive into the world of AI! Experts Jon Hill and Tareq Monaur will guide you through AI's role in enhancing nonprofit websites and basic marketing strategies, making it easy to understand and apply.
Biological screening of herbal drugs: Introduction and Need for
Phyto-Pharmacological Screening, New Strategies for evaluating
Natural Products, In vitro evaluation techniques for Antioxidants, Antimicrobial and Anticancer drugs. In vivo evaluation techniques
for Anti-inflammatory, Antiulcer, Anticancer, Wound healing, Antidiabetic, Hepatoprotective, Cardio protective, Diuretics and
Antifertility, Toxicity studies as per OECD guidelines
Thinking of getting a dog? Be aware that breeds like Pit Bulls, Rottweilers, and German Shepherds can be loyal and dangerous. Proper training and socialization are crucial to preventing aggressive behaviors. Ensure safety by understanding their needs and always supervising interactions. Stay safe, and enjoy your furry friends!
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
Safalta Digital marketing institute in Noida, provide complete applications that encompass a huge range of virtual advertising and marketing additives, which includes search engine optimization, virtual communication advertising, pay-per-click on marketing, content material advertising, internet analytics, and greater. These university courses are designed for students who possess a comprehensive understanding of virtual marketing strategies and attributes.Safalta Digital Marketing Institute in Noida is a first choice for young individuals or students who are looking to start their careers in the field of digital advertising. The institute gives specialized courses designed and certification.
for beginners, providing thorough training in areas such as SEO, digital communication marketing, and PPC training in Noida. After finishing the program, students receive the certifications recognised by top different universitie, setting a strong foundation for a successful career in digital marketing.
2. Connecting military family service providers
to research and to each other
through innovative online programming
www.extension.org/militaryfamilies
MFLN Intro
Sign up for webinar email notifications at www.extension.org/62831
3. Connecting military family service providers
to research and to each other
through innovative online programming
MFLN Intro
Join the Conversation Online!
3
4. Join the Conversation Online!
MFLN Personal Finance
MFLN Personal Finance @MFLNPF
MFLN Group https://www.linkedin.com/groups/8409844
PF SMS iconsPF SMS icons
Military Families Learning Network
4
5. Dr. Barbara O’Neill
•Financial Resource Management Specialist for
Rutgers Cooperative Extension
•Has been a professional financial educator and
author for more than 35 years.
•Has written more than 1,500 articles for academic
journals, conference proceedings & other
professional publications.
Today’s Presenters
Rod Griffin
•Director of Public Education for Experian
•Leads Experian’s national consumer education
program and supports the company’s community
involvement and corporate responsibility efforts.
•Works with consumer advocates, financial educators
and others to increase consumers’ ability to
understand and manage personal finances, credit
reporting and credit scoring to protect themselves
from fraud and identity theft.
5
8. Credit Reports are Like a
“Financial Report Card”
• It’s just like you are back in school
• You are still being evaluated with written
comments
• The results are still critical for your future
8
9. What is a Credit Report?
• A summary of someone’s history of paying debts
and other bills
• Prepared by credit reporting agencies (a.k.a. CRAs
or credit bureaus)
• Used by those who have a legitimate need for the
information
– Lenders
– Insurance companies
– Potential employers
– Potential landlords 9
10. The Better Your Credit History,
the Better Your Chances of...
• Obtaining a loan or credit card
• Obtaining lower-cost credit terms and saving
hundreds/thousands of dollars of interest
• Obtaining a low-cost insurance policy
• Renting an apartment
• Being hired for a job
10
11. Three Major Credit Bureaus
Equifax: www.equifax.com
Experian: www.experian.com
TransUnion: www.transunion.com
•Different pieces of data about borrowers in their
databases
•Social Security number acts as a “magnet” to
assemble data and create a credit report
11
12. Four Key Credit Report Sections
• Identifying Information: Name, SS number, current/previous
addresses, birthdate, employer
• Public Record Information from Local Courthouse: Liens,
foreclosures, bankruptcy, etc.
• Other Credit History Information: List of loans and credit
cards, timeliness of payments, highest and current balance,
negative information (7 years)
• Inquiries: Self-initiated, promotional (for marketing purposes),
and periodic creditor reviews
12
14. Credit Scores Are Like a
“Financial GPA”
• Three-digit number calculated by statistical analysis
• An important barometer of financial health
• Based on credit report data at a point in time
14
15. More About Credit Scores
• Predictive tool that measures the risk of a borrower’s
delinquency or default
• Determines who qualifies for credit, at what interest
rate, and at what credit limits
• Generally, higher credit scores indicate lower risk
15
16. How to Get a Credit Score
• Request score from a prospective lender, landlord,
or insurance company
• Use a credit card that provides a free credit score
(online or on billing statement)
• Via the FICO web site: http://www.myfico.com/
16
18. About Credit Scoring
• Classic FICO score range: 300 (worst) to 850 (best)
• Speeds up loan approvals
• Objective focus on credit risk factors
• 1989: Fair, Isaac Corp. introduced FICO score
• 2002: FICO scores became available to consumers at
www.myfico.com
• 2016: Not required for free upon request by federal law (like
credit reports are) BUT many creditors are providing for free
(marketing and retention tool) 18
22. Credit Scoring Factors
• Bill payment history, weighted for recent months (35%)
• Proportion of outstanding debt to available credit limits (30%)
• Length of credit history (15%)
• Number of recent credit inquiries (10%)
• Mix of types of credit used (10%)
22
23. Credit Scores Can Vary
• Information in your credit report may vary across the
“Big Three” credit reporting agencies (CRAs)
– Reporting to CRAs by creditors is voluntary
– Data that each CRA compiles about you may be different
• Implication: To get a complete picture of what
lenders see, check credit reports from all 3 bureaus
– If credit report information is very similar, so, too, will be credit scores
23
24. Credit Scores Can Vary
• Some large lenders still build their own scoring
models
– Custom models based on data from a lender’s own
account holders
– These scores are generally not disclosed to consumers
• Each of the “Big Three” CRAs sells their own
generic score built internally on their own data
– Example: Experian’s score is called the Plus Score
24
25. Credit Scores Can Vary
VantageScore (introduced in 2006) is a FICO score
competitor:
http://your.vantagescore.com/interpret_scores
25
26. Information That is NOT
Included in a Credit Score
• Your age
• Your income
• Your employment status
– Caveat: Lenders will consider employment status
• Your marital status
• Interest rates (APRs) paid on existing debts
• Child support and alimony
• “Soft” and “promotional” inquiries
• Credit counseling participation
https://www.experian.com/ask-experian/20080625-the-impact-of-credit-counseling-on-cr
26
27. Good Credit Scores Save Money
Source:
http://www.myfico.com/crediteducation/calcu
27
28. Damage Points: How Mistakes
Affect FICO Credit Scores
Action Decline from
680 Score
Decline from
780 Score
Maxed-out credit card 10-30 points 25-45 points
30-day late payment 60-80 points 90-110 points
Debt settlement
(Less than full balance)
45-65 points 105-125 points
Foreclosure 85-105 points 140-160 points
Bankruptcy 130-150 points 220-240 points
Source:
http://www.creditcards.com/credit-card-news/fico-credit-score-points-mistakes-1270.php 28
29. Ways to Improve Your
Credit Score
• Pay your bills on time (#1 weighted factor)
• Keep debt-to-available credit ratio routinely low (< 30%)
• Keep accounts open:
– Older accounts establish length of history
• Get points for variety (mix of types of credit)
– Revolving and installment
• Avoid “hard” inquiries: supply own report to lenders 29
30. Other Credit Score Tips
• Only apply for new credit when needed
• Pay or settle old collection accounts
– Accounts with a “0” balance no longer hurt FICO score
• Check credit report for errors that affect score
• Correct errors and dispute evidence of fraud
– Focus on negative factors provided with FICO score
• Reduce balances on credit cards
• Pay off debt rather than moving it around
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31. FICO High Achievers
• 96% have no late payments
• Use, on average, only 7% of
credit limit
• Owe < $3,500 on credit cards
• Have average credit history
length of 25 years
http://www.myfico.com/fico-score
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38. Key Take-Aways
• A credit score is a “snapshot” of your credit
performance at a point in time.
• It changes over time as your credit behavior changes
• Helpful credit score factors:
– Timely payments (“current” or “paid as agreed”)
– Old credit accounts (show lengthy history)
– Low balances (<30% of credit card limit)
– Variety (bankcards, car loans, mortgages)
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57. What is one significant thing
you learned today?
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58. Evaluation and Continuing Education
Credits/Certificate of Completion
MFLN Personal Finance is offering 1.5 credit hours via a
certificate of completion for today’s webinar from AFCPE for
AFC-credentialed participants and FinCert for CPFC-
credentialed participants.
To receive a certificate of completion, please complete the
evaluation and post-test:
https://vte.co1.qualtrics.com/jfe/form/SV_0dopcXdhznFOHe5
Must pass post-test with 80% or higher to receive certificate.
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59. Personal Finance Virtual Learning Event
Enhancing Financial Fitness
• June 14: What is Financial Fitness & How is it Measured?
https://learn.extension.org/events/2591
• June 15: Positive Personality Traits of Financially Fit People
https://learn.extension.org/events/2592
• June 16: Wealth Building with Saving, Investing & Windfalls
https://learn.extension.org/events/2593
• June 16: Wrap Up Event: Join us and share your own stories
https://learn.extension.org/events/2594
For more information on the PF VLE go to:
http://articles.extension.org/pages/70421/mfln-personal-finance-virtual-learning-
event
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Borrowers’ credit scores determine whether or not they are considered a subprime (less than “A” risk tier) borrower. In recent years, the number of Americans with credit “blemishes” that result in lower credit scores has been increasing.
Credit scores are a three digit number that range from the 300s (worst) to the 800s (best). They are sometime called FICO scores. FICO is an abbreviation for Fair, Isaac, and Company, a California company that develops credit risk-scoring models. Most (80% to 85%) consumers score between 600 and 800 (Kiplingers Personal Finance, “Keeping a Tally”, May 2000, p.30).
The exact threshold for an “A” (prime) borrower varies among lenders but is typically between 620 to 660. Many lenders also divide consumers with prime credit scores into several different tiers (e.g., A1, A2, A3) and charge each a different interest rate.
Credit scores are determined by statistical “risk models.” FICO develops models that determine bill-paying behavior. Factors that are associated with how well people pay bills (e.g., previous timely payments) increase credit scores and factors associated with poor payment patterns (e.g., previous late payments) decrease credit scores. Each of these factors are given a weighting in the statistical model based on how much they influence payment behavior.
Credit scores are, thus, a mathematical gauge of creditworthiness. The days are long past where lenders know most of their borrowers personally so credit scoring helps them make objective decisions and determine the amount of risk associated with lending to a particular borrower. Credit scoring systems also reduce lenders’ exposure to fair lending complaints.
This slide lists seven factors that affect credit scoring models:
Previous Payment History- On-time payments enhance a person’s credit score while late payments subtract points. The more bills that are late (e.g., 3 creditors versus 1) and the later the payments (e.g., 90 days instead of 30 days), or charged-off debts, the worse a credit score. A borrower’s previous payment history accounts for 35% of his or her credit score (Kiplinger’s Personal Finance, “The Secret Mix,” September 2000, p. 104).
Amount of Money Currently Owed- Potential lenders don’t like to see high amounts of debt. In addition, scoring models take points away from people who have a lot of open credit lines with zero balances (e.g., credit cards they don’t use) because they could go out tomorrow and borrow against them.
Proportion of Balances to Credit Limits- “Maxing out” credit lines (i.e., borrowing up to the credit limit) can decrease your credit score.
How Long You’ve Been a Borrower- Credit scoring models give more weight to people who have successfully used credit for longer periods of time.
Number of Recent Credit Inquiries- Scoring models take points away from people who have applied for a number of new credit lines within a short time period (e.g., six months to a year). Inquires made by lenders in advance of “pre-approved offers” are ignored and do not count against you.
Types of Credit Used- Credit scores can increase with a mix of credit (e.g., mortgage, car loan, credit cards) instead of just one type of credit.
Stability of Job and Home Address- Scoring models give more weight to “stability” as indicated by length of time at current job and current address.
At 10 minutes before the published end time, presenter or facilitator invite participants to answer this question in text. Wait at least 60 seconds for replies.
Thank participants for attending and for responding and ask a Follow up question verbally: “What will you DO with the information you learned?”
Discuss responses, then ask of all participants “What else do you have questions about regarding today’s topic?” Wait a minimum of 60 seconds.
Answer questions and provide additional resources as appropriate.