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Assignment 2: Your Credit Report

Good personal credit standing is integral to financial success. As an individual, you are judged by your personal credit. Your credit rating is not only used to determine your ability to borrow on a mortgage, car, or credit card, but it is also used to judge whether you can rent an apartment, obtain insurance, or even get a job. As a college student, your success is determined by your grade point average (GPA). Once you are a working professional, it is your credit score that measures your financial success in life. This assignment will help you understand your own credit as well as factors that determine your current credit.

How To Obtain a Credit Report:

  • Annual Credit Report Web site (https://www.annualcreditreport.com/cra/index.jsp). You will have to select your state from the drop down box and fill out the order form to receive your free credit report. The Annual Credit Report Web site is accessible only through Internet Service Providers (ISPs) located within the United States.
  • If you do not yet have an established credit rating in the US, a sample report may be obtained by doing an Internet search on “sample credit report.” One site that displays a sample ishttp://www.thelpa.com/lpa/sample_tu_credit_report.html. 
      
    You may also choose to receive your report from TransUnion, Experian, Equifax, or all three.

Based on your credit report, write a paper to address the following questions. Do not share personal information that may be confidential.

  1. What is your initial reaction to your credit report? Describe any surprising elements you noted in the report.
  2. Which elements in your report do you think would have a positive impact on your credit score and which elements would have a negative impact on your credit score? Explain your answer.
  3. How do you think you could improve your credit score? Create a five-point plan to raise or maintain your credit score. Be sure to do the following:
    1. Specifically reference the guidance in your textbook to address this question.
    2. Use credible Web sites to guide you.
  4. In addition to your credit report, what are the other events/areas in your life, which specifically relate to your financial goals that are impacted by your credit rating? Explain at least three of these events/areas.

Note: If you have never had credit, and do not have a credit report on file, in an essay of approximately 1,000 words (3–4 pages), explain personal actions you can take today to establish an initial credit rating and build a solid credit score over the long term. Discuss this option with your facilitator to ensure that you complete all of the required elements.

Support your statements with examples and scholarly references.

Write a 3–4-page paper in Word format. Apply APA standards to citation of sources. Use the following file naming convention: LastnameFirstInitial_M4_A2.doc.

By Wednesday, October 19, 2016, deliver your assignment to the M4: Assignment 2 Dropbox.

Assignment 2 Grading Criteria

Maximum Points
Explanation of initial reaction to credit report including any surprising elements is clear, thorough, and references specific items from the credit report.

20
Explanation of how specific items from the report impact the overall credit score is directly based on concepts presented in the course, is easy to read, and is accurate.

20
Plan includes appropriate and reasonable steps to improve credit score or maintain credit score. Plan specifically references material from the class to clarify and develop the plan. External resources are used appropriately and where warranted.

20
Discussion provides clear evidence of how credit affects three events in real life. Each event is linked to financial goals, is described in detail, and is reasonably affected by credit rating. Evidence is used to support claims.

24
Introduction has a clear opening, provides background information, and states the topic. The paper is organized around an arguable, clearly stated thesis statement. Transitions are appropriate and help the flow of ideas. Conclusion summarizes main argument and has a clear ending.

4
Writing follows conventions of spelling and grammar throughout. Errors are infrequent and do not interfere with readability or comprehension.

4
APA format is utilized to accurately paraphrase, quote, and cite in many spots throughout the paper when appropriate or called for. Errors present are not major.

4
Writing remains in third person throughout writing. Word choice is accurate, clear, and appropriate for the audience.

4
Total:

100