UNDERSTANDING YOUR CREDIT SCOREFINANCIAL EDUCATION SERIES

Regarding Web sites and other sources, the information conveyed is for information purposes only. No endorsement is implied. Equal Housing Lender. Member FDIC and Associated Banc-Corp

AGENDA• Give your credit a check-up

• Free access to credit report

• How your credit score is calculated

• What’s a good credit score

• How to improve your credit score

• Your questions

2

GIVE YOUR CREDIT A CHECK-UP1. Get the facts

2. Right the wrongs

3. Improve your behavior

4. Follow up

5. Monitor your credit

3

FREE ACCESS TO CREDIT REPORT• According to the Fair and Accurate Credit Transaction Act (FACTA) of 2003, consumers are

entitled to free access to their credit report.

• Credit bureaus must provide free copies of credit reports to victims of identity theft.

• For more information go to www.annualcreditreport.com, or call 1-877-322-8228.

4

-Better Business Bureau

Equifax

www.equifax.com800-525-6285 (Fraud Hotline)800-685-1111 (Report Order)P.O. Box 740250Atlanta, GA 30374

Experian

www.experian.com888-397-3742 (Fraud Hotline)888-397-3742 (Report Order)P.O. Box 9556Allen, TX 75013

TransUnion

www.transunion.com800-680-7289 (Fraud Hotline)800-916-8800 (Report Order)P.O. Box 6790Fullerton, CA 92634

HOW YOUR CREDIT SCORE IS CALCULATED• Payment history

• Outstanding debt

• Credit account history

• Recent inquiries

• Types of credit

5

-about.com

WHAT’S A GOOD CREDIT SCORE?• Credit scores (usually) range from 340 to 850.

• The higher your score, the less risk a lender believes you will be. As your score climbs, the interest rate you are offered will probably decline.

• Borrowers with a credit score in the mid 700s are typically offered better interest rates.

6

-about.com

Credit Score

US Population

Up to 499 1%

500 – 549 5%

550 – 599 7%

600 – 649 11%

650 – 699 16%

700 – 749 20%

750 – 799 29%

Over 800 11%

HOW TO IMPROVE YOUR CREDIT SCORE1. Improve your payment history

2. Keep debt to a minimum

3. Length of your credit history

4. Manage new credit wisely

5. The types of credit you use

7

-about .com

8

YOUR QUESTIONS