Category: Credit Reports

Question of the Day [Updated]: What's the average monthly payment for a new car purchased in 2019?

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Mar 18, 2020
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Question of the Day, Credit Reports, Purchase Decisions
Answer: $554 Questions: When do you expect to buy your first car? Will you buy new or used? Explain your answer. Do you think that $554/month for a car payment is reasonable? Why or why not? What is the trend in monthly payments for new cars over the last five years? Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom. Behind the numbers (Credit Karma):  Recent data indicates that new-car prices have gone up — by 2.3% from March...

Question of the Day: What’s the average credit score for 18- to 24-year-olds?

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Mar 16, 2020
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Question of the Day, Credit Reports, Credit Scores
Answer: 630 Questions: Why are credit scores important? Why do you think 18- to 24-year-olds have the lowest credit scores? What is the relationship between age and credit score in this chart? Why do you think this relationship exists? What might be some of the reasons? Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom. Behind the numbers (Credit Karma): Our Credit Trends show you how you compare to other Credit Karma members. See where you...

Question of the Day: Rank order from most to least prevalent these credit products used by Gen Z (18-24): Student Loan, Auto Loan, Credit Card.

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Feb 05, 2020
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Credit Cards, Question of the Day, Student Loans, Credit Reports
Answer: Note: Private label = store credit card Questions: What is your current attitude toward credit products?  Do you anticipate using any of these products? If so, at what age do you think you will start using them?  Describe what it means to use credit products responsibly.  Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom. Behind the numbers (TransUnion research): Many younger consumers receive smaller credit limits...

QoD: What is the interest rate differential on car loans between those with bad credit and those with best credit?

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Feb 04, 2020
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Credit Scores, Question of the Day, Credit Reports
Answer: 4.4% vs. 16.7% (12.3% difference) Note: APR = Annual Percentage Rate (a.k.a. Interest Rate) Source: MyFICO Loan Savings Calculator as of 1/31/2020 (From NGPF Activity: Impact of Credit Score on Loans)  Questions: Why do you think that those who struggle with managing credit pay higher interest rates when they need a loan?  Looking at the column, TOTAL Interest Paid, how much more is someone with a 580 credit score paying in interest compared to someone with a 720 credit...

Best of 2019: Most Visited Unit Pages

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Dec 30, 2019
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Checking Accounts, Paying for College, Credit Cards, Credit Reports, Career, Investing, Insurance
 Our Unit Pages are the most visited pages on the NGPF website. Why? It provides teachers with all of the NGPF resources available on a given topic (unit) on ONE page. So, whether you are looking for 45 minute lessons or just individual resources to supplement your existing lesson, you can find them on the unit page.  Here were the unit pages that received the most page views: Checking Budgeting Taxes Types of Credit Investing Career Paying For College Saving Insurance  Managing...

NGPF Podcast: Rod Griffin on the current landscape for credit reports and credit scores

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Dec 20, 2019
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Podcasts, Credit Reports, Credit Scores
If you want to learn about credit scores and credit reports, there is no better teacher than Rod Griffin of Experian. Attend this webinar and you will learn how credit scores are determined, the educational tools available on the Experian website and recent changes that are helping to boost scores in certain situations. Enjoy!  Details:  0:00~0:57 Introduction 0:57~3:41 Rod’s role at Experian and the importance of teaching personal finance 3:41~4:59 The increase in ways for...

Have you seen the new "What's New With _________?" posts?

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Aug 31, 2019
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Current Events, Credit Reports, Index Funds, Investing, Credit Cards, Checking Accounts, Career
We all know that things are always changing in the world of Personal Finance. We bring you a weekly reading list of news related to Personal Finance, Economics, and other topics relevant for teachers, but what if you want to hone in on what’s been happening in just one topic? This year, the “What’s New With” series of blogs is a bit different than in the past. We are pulling in fewer articles on each topic, but going into more depth within the blog to explain what has...

What's New With......Credit Reports and Scores?

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Jul 15, 2019
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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...

QoD: What age group has seen the greatest increase in credit scores since 2008: 18-21 year olds, 22-35 year olds or consumers 72 and older?

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Jun 03, 2019
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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 Questions: 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...

Interactive Monday: Test Your Credit Score Knowledge

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Apr 21, 2019
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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...

Question of the Day: Can you name ONE of the three most frequent ways that consumers, under age 25, establish credit?

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Feb 06, 2019
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Question of the Day, Credit Cards, Paying for College, Student Loans, Credit Reports
Answer: Credit Card (35.6%) Student Loan (19.9%) Retail Credit Card (13.7%) Questions: 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...

Question of the Day: What will your credit score be after your first six months of making on-time payments?

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Jan 27, 2019
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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.  Questions: 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...

FinCap Friday: How To Get Extra Credit

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Nov 01, 2018
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Credit Scores, FinCap Friday, 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!   ...

FinCap Friday: The Credit Deep Freeze

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Sep 13, 2018
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FinCap Friday, 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...

Looking to use more infographics in your classroom? Here's a few good ones to use (and the brain science behind it)

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Aug 09, 2018
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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: ---------------------- We...