Credit Report and Credit Score Assignment
Due – March 18
One of your most important assets is your credit record and score. It not only affects
your ability to obtain credit but its cost as well. It is primarily used in the credit
granting process but it is also accessible to those with a legitimate business need to
know (including potential employers if you agree). However, credit reports too often
have erroneous information which, if not corrected, can do irreparable harm.
For this reason, a requirement of this course is that you obtain a copy of your credit
report and credit score from one of the major credit bureaus listed in the text.
Although you are entitled to a free credit report under a new law, it does not include
your score. Web addresses and 800 numbers for the major credit bureaus are
provided on page 183. Another source is Fair Isaac Co (http://www.myfico.com)
which has additional information not provided by other services. However, other
credit bureaus may not be used. Cost is less than $15 but be careful not to sign up
for an annual membership.
I do not want to see your credit report but I need an assurance that you have
completed this assignment and have obtained your score. Accordingly, please clip
off the top of your report with the credit bureau's and your name but with the score
blacked out. Submit it not later than March 18.
Once you have obtained your credit report and score, complete your assessment
(found either on the back of this form or at the Credit Report Assessment on the
web page) and turn it in on the same date.
Term paper topics will be distributed about March 4. You may not be able to access
your credit records more than 30 days after your inquiry date. If your assigned
topic is on credit scoring, it is recommended you promptly download information
from the credit report site (especially the simulation page) which may be helpful in
preparing your paper.
Credit Report – Your Assessment
Please comment on your reaction to your credit report. Mention anything that is
particularly relevant to you. You might want to discuss some of the following:
Do you believe this exercise was worthwhile? Why?
Were you surprised by the number of entries?
If there were any adverse remarks, did they surprise you? (Otherwise mark
Were there any companies that requested reports on you that surprised you?
Why do you think they wanted a report?
Most important: Were there any errors that should be investigated? If so, how are
you going to go about this?