# CTE Resource Center - Verso - Economics and Personal Finance Task 1537870981

CTE Resource Center - Verso

Virginia’s CTE Resource Center

Explain credit rating and credit report.

Definition

Explanation should consist of
  • identifying the advantages of establishing credit
  • describing the way credit is rated (point system) and the contents of a credit report
  • identifying what information is included in a person’s credit record or history (e.g., income, payment records, employment record, other personal factors)
  • reviewing credit rating scores and describing their implications
  • describing the factors that make up a credit score
  • describing ways to build credit as an authorized user on an account
  • explaining how a customer’s credit rating affects eligibility for credit and employment
  • explaining how to access one’s personal credit record before applying for credit, or, if denied credit, identifying reasons for a credit check
  • describing steps for correcting errors in one’s credit report.

Other Related Standards

Economics and Personal Finance Standards of Learning

EPF.13

The student will demonstrate knowledge of credit and loan functions by
  1. evaluating the various methods of financing a purchase;
  2. analyzing credit card features and their impact on personal financial planning;
  3. identifying qualifications needed to obtain credit;
  4. identifying basic provisions of credit and loan laws;
  5. comparing terms and conditions of various sources of consumer credit;
  6. identifying strategies for effective debt management, including sources of assistance;
  7. explaining the need for a good credit rating;
  8. comparing the costs and conditions of secured and unsecured loans; and
  9. comparing the types of voluntary and involuntary bankruptcy and the implications of each.

FBLA Competitive Events and Activities Areas

Accounting I

 

Accounting II

 

Banking and Financial Systems

 

Business Calculations

 

Business Math

 

Introduction to Business

 

Personal Finance