The research in this report was taken from a few different sources. The primary research was conducted by distributing a survey to the general public. The survey was designed to help us understand how much people actually know about their score. However, due to limited time and resources the survey was completed by only 20 people. The information provided by the survey was still useful despite the limitation on sample size. The secondary research was taken from websites, books, and training materials from the lending industry.…
In this essay I shall be discussing the factors which influence the level of and access to unsecured debt held by households.…
The topic for my final project is: Credit scores are a fair measure to help lenders estimate potential risk. Credit lenders take a big risk in borrowing large sums of money to people, so that’s why a credit check is taken in order to prove to the lenders you will be a responsible person and can afford to pay back what you borrow. My points of views for this topic are the people who already have a loan and people who are considering a loan for the first time. Also how to prepare yourself to get approved for a loan, and what to expect after you have the loan. I will like to organize my paper with useful information and provide pros and cons on loans, and what types of lenders are available to you.…
Describe two things you can do to make sure you use credit responsibly. Explain why these things are important. (Lesson 2, p. 5-- 2.0 points)…
If the credit scores are too low, people could end up paying higher interest rates, and lose the ability to obtain other credit cards with better financial options.…
V With the wide varitey of information that lenders do use to estimate a persons potential risk and the amount of information that is used to compute a persons credit score, it can be said with relief that a persons credit score is a fair measure when a lender is looking at an individuals risk potential.…
Here a three digit number between 300 and 850 is being given to each person that wants a review and a summary of their credit risk. After having calculated this through using several personal files concerning the particular individual, the personal data is collected and this information is split into five categories:…
The Fair Credit Reporting Act, 1970 (FCRA) was enacted to promote accuracy, fairness, and to protect ones personal information gathered by Credit Reporting Agencies. The advances in information technology that resulted in new ethical issues necessitating the creation of the FCRA, is today’s society has various access to their own and others personal information right from home. Prior to the FCRA, there was wide spread abuse in the…
Credit card companies are continuously appearing on college campuses around the world. Their main target, of course, is naïve students. These companies are there to pick up students at their worst and most vulnerable moments. Some students that feel short of cash are very tempted to apply for these buy now, pay later agreements. Once a student is approved for credit, companies usually offer them very generous credit lines. At their tender ages, no student is going to decline the offer. Most students, at this point in their lives, do not have jobs and are setting themselves up for a world of failure. Students that have no source of income are unable to make payments and will incur late fees that can be astronomical. By this time, their credit scores are being impacted tremendously. This is where the companies begin to make their money, and could care less about a student who has been stretched beyond his or her means. The potential outcome is irreversible credit damage to the young, defenseless student.…
Credit reflects financial power. A higher credit score indicates that my current financial circumstances and historical behavior demonstrate how dependable, financially responsible, and trustworthy I am as a person. Therefore, the more lenders that find you financially responsible, the more financial freedom you will build. Credit reflects financial power. My credit score is the key to my financial future.…
Throughout the years following 1970 the Fair Credit Reporting Act has been revised numerous times. With time comes change, change in technology which makes it much easier for people with low morals to take advantage of someone. Identities are stolen much easier using technology. The advancement in technology made it necessary to create the Fair Credit Reporting Act. Information is readily available to almost anyone with computer access. This makes it easier to commit crimes, crimes such identity theft. With access to a person’s credit report, thieves can assume another person identity with ease. Advances in technology can be a double edged sword. It makes it easier to track and enter data but it also makes it easier for the data to be entered incorrectly, in turn the incorrect data is being reported.…
I+ Assess the business impact of credit bureaus' data quality problems For the creditbureaus, tbr lenders, to r individuals. 2. Are any…
In the aftermath of the credit crisis, governments and regulators are strengthening consumer protections and promoting the concept of responsible lending; new developments are being made with the customer’s interests in mind, ensuring that the customer is in control of their own finances,.…
Credit card companies are more responsible for their customers’ actions than their customers are. Though students are put at fault by the majority of people who have something to say about the topic, reasons having to do with irresponsibility and related accusations, the students are not the only group at fault. Credit card companies themselves have created a strategy of making college students their target customers because of how simple it is for a college student to become hooked on using their credit card (Macias 2). It is rare to come across a college student who has enough excess money to use for personal purposes after paying necessities; thus making it difficult to find a college student who will turn down a credit card with a monthly allowance of $1000 or more. Credit card companies have come up with intricately designed advertisements to target their college students, such as pictures of teens happily walking around on campus which gives a subliminal message that if the student were to get a credit card, that would be their daily life. Credit card companies use plenty of well crafted pictures to give off the image that if a student uses their card, they will be able to enjoy the lifestyles being portrayed in their advertisements (Macias 2). Subliminal messaging has proven to be a highly effective form of advertisement, with the general idea that if a targeted market uses a company's product, they too can be be living the lifestyle created in their advertisement. Card companies make it possible for any college student to be able to use a credit card, specifically targeting students who have no current income whatsoever. Credit card companies get away with this by using grant credit- using a person’s credit score to decide if they qualify for a credit card (Macias 2). Because credit scores only show a person’s payment history and any current debt a person may have, it makes it easy for the credit…
How? What texts will you refer to? You should start with ones used during the term. You might then expand on these as your topic requires. What other sources will you use: a case study, interviews, your own experience etc?…