Jul 15, 2019
Credit Reports, Credit Scores
More data, more control
Far and away the biggest development in the area of credit reporting and credit scores so far in 2019 has been the introduction of a new program from Experian, and the announcement of another one from Fair Isaac Corporation. Both programs incorporate a broader array of metrics to give a clearer picture of a person’s default risk. Interestingly, the two companies are using the same “financial data access and insights “company, Finicity, to drive the...
Jun 03, 2019
Credit Scores, Question of the Day, Research, Credit Reports
Answer: 18-21 year olds saw an increase of 23 points in the past decade.
Credit score changes since 2008
18-21 year olds: 23 point increase to 639 in 2018
22-35 year olds: 15 point increase to 644
72 and over: 40 point drop to 732
The CARD Act passed by Congress in 2009 reduced teen access to credit cards. What impact do you think this had on credit scores for 18-21 year olds since it passed?
What relationship do you see between age and credit scores? Why do you think...
Apr 21, 2019
Interactive, Credit Reports, Credit Scores
Hat tip to NGPF Fellow Jill Wilson for sharing this credit score quiz with us.
What's to like about the quiz?
It's short (12 questions)
It's thorough: covers what factor goes into a credit score, who cares about your credit score and the cost of not having a good credit score.
It's a good review after you have completed your managing credit unit.
Here are two teacher favorites when it comes to credit score activities to engage your students: Interactive: FICO...
Feb 06, 2019
Question of the Day, Credit Cards, Paying for College, Student Loans, Credit Reports
Credit Card (35.6%)
Student Loan (19.9%)
Retail Credit Card (13.7%)
Why do you think that credit cards tend to be the entry point for establishing credit for so many consumers?
Almost no one in any age group establish their credit for the first time by taking out a mortgage. Why do you think that is true?
How do you think that you will establish credit?
Here's the ready-to-go slides for this Question of the Day that you can use in your...
Jan 27, 2019
Credit Reports, Credit Scores, Question of the Day
Answer: About 500
Students often wonder if you start high (850) and go down or start low (300) and go up. The answer is that you start with no score and only after 3-6 months will you receive a score.
Why do you think the score is so low after 6 months?
Imagine you are lending money to a stranger and they were making monthly payments to you to pay off that debt. How long into a 5 year loan would you feel comfortable that they were going to pay you back in...
Nov 01, 2018
Credit Scores, FinCap Fridays, Credit Reports
This week your students will learn about a significant change to the credit scoring system. How will UltraFICO open the door to more borrowers? Play this week's FinCap Friday and find out:
Looking for more FinCap Fridays to engage your students in the current events of the day? Here are the ten others!
Sep 13, 2018
FinCap Fridays, Credit Reports, Current Events, Credit Scores, Policy
This week's FinCap Friday focuses on the one year anniversary of the great Equifax hack (not so great if you were one of its victims) and a new regulation to help protect the minors in your class:
New to NGPF's FinCap Friday? It's a fun way to engage your students with current events and includes:
A five question Kahoot!
A 90 second video providing details about the current event and explaining why it matters to students
A discussion prompt
Activity ideas to extend the learning...
Aug 09, 2018
Credit Reports, Investing, Personal Finance, Savings
Do your students seem very engaged with the infographics that you are using in your lessons? Here's the brain science behind why they have become so successful as a teaching device. Some of the more interesting factoids from this infographic (of course, it's an infographic about the power of infographics):
Information overload is real:
Color graphics make us 80% more willing to read:
When providing directions, illustrations (or YouTube) videos are a must:
Jul 19, 2018
Cartoons, Credit Scores, Credit Reports
Do you think credit scores should play a role in choosing a partner? Why or why not?
What do you think a credit score tells you about someone's relationship to money?
Can employers request to see your credit score before they hire you?
Why do you think that employers would care about their employees' credit scores?
In your own words, what do you think is meant by cash flow? Why...
Jun 08, 2018
Current Events, Parent Conversations, Retirement, Credit Reports, Investing, Mortgages
The WSJ takes a good look at the overprotected American child. You probably see the impacts on the students you teach.
Michelle Singletary explains why parents should have “the talk” (about credit) with their kids.
Here are eight things parents can do to help their college students become financially independent.
And here is what you do if your adult children want to move home.
The New York Times looks at education spending over time. (Hint: it...
May 17, 2018
Identity Theft, Credit Cards, Credit Scores, Credit Reports, Mortgages
This second quarter update deals mostly with credit cards and credit scores, but we touch on managing mortgages and financial infidelity.
Ever wonder what to do with that credit card you never use? There is not necessarily one answer for all situations.
Do you know exactly what happens when if you make a late credit card payment?
How about what happens when you don’t pay off your credit card balance in full?
This one might make you think twice about opening a joint...
Mar 25, 2018
Interactive, Parent Conversations, Paying for College, Credit Cards, Credit Reports, Credit Scores
PAYBACK looks unstoppable as they crushed Community Credit 186-14 yesterday. Will they be tested in the Final Four? Stay tuned.
UPDATE on Monday at 9am PT
Yes, you are reading this correctly: PAYBACK 151 - Community Credit 11. Looks like their starters will be extra fresh as PAYBACK appears close to punching their ticket to the Final Four.
The pretenders have left town and the field has been whittled down to 8 NGPF resources. What patterns can we discern from the...
Feb 16, 2018
Credit Cards, Credit Reports, Credit Scores, Current Events
In the wake of the Equifax breach, many took action to protect themselves, and faced some frustration. In case you haven’t taken action yet, here is what you can do. Oh, and apparently the breach was worse than initially reported, according to Consumer Reports.
Is CFPB continuing their Equifax probe? Reuters reports they are putting it "on ice."
Oops, the I.R.S. forgot to notify almost 500,000 taxpayers that their information was being used by others for employment...
Feb 12, 2018
Question of the Day, Credit Scores, Credit Reports, Identity Theft, Credit Cards, Article
Why do you think that this happens (ID theft) so frequently to minors?
What would you do if you found out that someone was using your Social Security number to open accounts?
How can you check to make sure this hasn't happened to you?
Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.
Behind the numbers (from Buzzfeed, great article that your students will enjoy since it describes...
Nov 15, 2017
Entrepreneurship, Investing, Identity Theft, Credit Scores, Credit Reports, Personal Finance
A few days ago, Leah Bratcher, Financial LIteracy Program Coordinator for FCCLA reached out to us with an interesting challenge. Leah helps Family and Consumer Science teachers discover ways to integrate personal finance into their courses, which can range from child development to fashion, interior design to hospitality, and more, all while adhering to different standards. As you can imagine, finding ways to weave personal finance into such a wide variety of subjects while meeting standards can...