Sponsors Wednesday Webinars www.extension.umd.edu/womeninag 8/8/18: Understanding Credit and Credit Scores 8/22/18: An Overview of the Resource Stewardship Evaluation Tool 9/12/18: Soil Maps for Production Agriculture 9/26/18: Farm Recordkeeping Diamond Level Platinum Level Gold Level Agriculture Law Education Initiative PNC Silver Level • Acres - Agriculture Mediation Service • Choptank Electric Cooperative • Crow Insurance • Delaware Crop Insurance Education • Delaware Council of Farm Organizations • Delmarva Poultry Industry • Delaware State University—Small Farms Program • Ensave, Inc • Future Harvest CASA • LEAD Maryland • MD Ag & Resource-Based Industry Development Corporation (MARBIDCO) • Shore United Bank & Wye Financial • Weller & Associates
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Sponsors - University Of Maryland · 2018-08-09 · Objective •Develop an understanding of credit and credit reports •Learn how to obtain a copy of your credit report •Learn
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Transcript
Sponsors
Wednesday Webinarswww.extension.umd.edu/womeninag
8/8/18: Understanding Credit and Credit Scores
8/22/18: An Overview of the Resource Stewardship
Evaluation Tool
9/12/18: Soil Maps for Production Agriculture
9/26/18: Farm Recordkeeping
Diamond Level
Platinum Level
Gold LevelAgriculture Law Education Initiative
PNCSilver Level
• Acres - Agriculture Mediation Service
• Choptank Electric Cooperative
• Crow Insurance• Delaware Crop Insurance
Education• Delaware Council of Farm
Organizations• Delmarva Poultry Industry
• Delaware State University—Small Farms Program
• Ensave, Inc• Future Harvest CASA• LEAD Maryland• MD Ag & Resource-Based
• Contact the credit bureaus and request that they place a fraud alert on your account. They will need to take steps to verify the information surrounding the suspicious activity.
• File a report with the police and the Federal Trade Commission (FTC).
Types of Freezes
•Fraud Alert – Free of Charge
•Credit Freeze – Free of Charge
•Credit Lock – Not so Free
Credit Scores
• FICO (Fair Issac Corporation)
• Vantage
Title of Slide Here
• Body
FICO Pie Chart
• Payment History
• Amount Owed
• Length of History
• New Credit
• Types of Credit Used
Length on ReportItem• Inquiries
• Late Payments
• Collections
• Judgements
• Defaulted Student Loans
• Tax Liens
• Bankruptcies
• Positive Items
Length
• 2 Years
• 7 Years
• 7 Years
• 7 Years
• 7 Years
• 7 Years
• Up to 10 Years
• Forever
Who Can See It?
• Creditors
• Employers
• Government Agencies
• Insurance Companies
• Landlords
Coping with Bad Credit
•Correct Errors
•Work with the Creditor
• Student Loan Defaults
•Public Records
•Delete Old Information
• Explain Damaging Items
• Threats
•Avoid Credit Repair Agencies
7 yrs – Collections, Judgements,
Tax Liens, Criminal Records
10 yrs – Bankruptcies
Life – Convictions
Rebuilding Credit
• Stabilize
• Establish New Accounts
• Build Credit in Your Name
• Explain Damaging Items
Source: Surviving Debt – National Consumer Law Center
Improving Your Score
• Pay bills on time.
• Reduce debt.
• Keep balances low / credit limits.
• Apply for & open new lines only when you need them.
• Check your credit report for accuracy and clear errors as soon as possible.