Category: Credit Reports

What Percentage of 18-22 Year Old's Credit Applications Declined?

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Mar 02, 2017
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Chart of the Week, Credit Scores, Question of the Day, Research, Credit Cards, WebQuest, Current Events, Credit Reports
Answer (from ID Analytics report): 72% Questions for students: Why do you think 18-22 year olds aren’t able to access credit? May not be familiar with CARD Act which requires those under 21 to have a co-signer or independent source of income to apply for a credit card. Lack of experience with credit leads to low credit scores Bad experience with credit may be another reason for low credit score When do you think you will apply for credit for the first time? For what purpose? What...

What's the Catch?: Purchase 3 Bureau Reports

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Feb 14, 2017
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Credit Reports, Credit Scores, Advertising, Current Events
I saw this paid ad during a Google Search this evening: Hmmm…so what caught my eye? The “Purchase 3 Bureau Reports.” Many of you are probably wondering “Why purchase these reports when you can get credit reports from each of the three bureaus for FREE at annualcreditreport.com? ” and “Why would you want to buy them at the same time?” A best practice is to space out your FREE credit reports from the three credit bureaus every four months so you can be...

Time Launches Coinage, A Video-First Site Dedicated To Personal Finance

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Feb 08, 2017
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Video Resource, Credit Scores, Personal Finance, New Products, Taxes, Credit Reports, Entrepreneurship
From Press Release: Today, Time Inc. (NYSE:TIME) launches Coinage, a new video-first brand covering personal finance that runs across 22 Time Inc. sites. Coinage will feature 600 short-form videos throughout 2017 to help guide everyday choices consumers make in spending, saving and investing for themselves and their families across all stages of life in a lighthearted and entertaining fashion. Here are the first three videos they released. Each are between 1-2 minutes: Super Bowl: discusses how...

Free FICO Scores From Experian!

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Feb 02, 2017
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Credit Scores, Research, Current Events, Credit Reports
We knew that more and more credit card companies were providing their cardholders with their credit scores each month (Discover was the first to offer to their cardholders and then expanded that by providing it to anyone who went to their site). Then there are sites like Credit Karma and Credit Sesame that also provide credit score information for free. This evening, the Wall Street Journal is reporting that Experian is getting into the act: Credit-reporting firm Experian has recently begun...

Article: Can The Credit Scoring System Be Fixed?

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Jan 16, 2017
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Credit Reports, Credit Scores, WebQuest, Article
I was thinking about this question recently for two reasons: 1) the $23 million fine that CFPB handed down to a few credit reporting agencies for deceptive marketing around credit scores and 2) As fewer millennials choose credit compared to debit, the number of credit invisibles increase. So, what can we learn from this article from the Atlantic (approximately 10 minutes in length)? My notes: Chicken or the egg problem with credit: “If you think about the credit-invisible population in this...

In My Personal Finance Life: Want A FICO Score With That Free Credit Report?

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Jan 15, 2017
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Advertising, Credit Scores, Research, Current Events, Credit Reports
It’s a new year which makes it a good time to review your credit report. I went to annualcreditreport.com, answered a few questions to verify my identity and proceeded to my credit report. As I completed my review, I couldn’t help but notice the offer about getting my credit score (can you say cross-selling opportunity?). When I clicked on the button… What’s the catch? Well the $4.95 offer comes with an asterisk and then this fine print “$4.95 for your first...

Earn DonorsChoose Credits For Teaching Your Students Essential Financial Skills

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Jan 07, 2017
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Budgeting, Credit Scores, Credit Cards, Investing, New Products, Taxes, Credit Reports
The DonorsChoose/NGPF Program where teachers can earn credits for teaching financial skills expires on April 30, 2017. Visit this page for updated information.  ———————————————— Next Gen Personal Finance (NGPF) is committed to expanding access to high quality personal finance educational content. Through our partnership with DonorsChoose.org, we will be bringing our engaging and easy to implement...

NGPF Podcast: Tim Talks to Retired Bankruptcy Judge John Ninfo About His Passion For Financial Literacy

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Dec 28, 2016
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Credit Cards, Credit Scores, Paying for College, Financial Literacy, Student Loans, Current Events, Credit Reports, Featured Teachers, Podcasts
What does a retired bankruptcy judge do to fill his “golden years?” If you are Hon. John Ninfo, you write a weekly column and visit hundreds of classrooms in upstate New York to teach young people about what it means to be financially responsible. If that isn’t enough, he also created a non-profit, Credit Abuse Resistance Education (CARE), to bring bankruptcy professionals into classrooms throughout the U.S. to share their experiences. Storytelling has an important place in...

Question: How Long Does It Take a Hacker To Steal Your Credit Card Information Online?

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Dec 08, 2016
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Identity Theft, Research, Debit Cards, Payment Types, Current Events, Video Resource, Credit Reports
Answer (from Newcastle University research): About 6 seconds (yikes!) [This should grab your students attention!] From Thrillist: According to new a paper authored by Newcastle University researchers, hackers can mine your financial information using simple guesswork, spread out across multiple websites. When the process, known as a Distributed Guessing Attack, is coupled with a specifically designed toolkit, it isn’t very hard to exploit the security systems of major e-commerce sites…...

NGPF Launches "The Fine Print"

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Oct 27, 2016
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Teaching Strategies, Career, Credit Cards, Personal Finance, Lesson Idea, Investing, New Products, Current Events, Insurance, Taxes, Credit Reports, Employment
Read the fine print! We hear that advice all the time (a quick google search found it here and here and here). Yet, we didn’t see any resources out there that would actually develop the critical thinking skills required to navigate the complex world of financial products. So, today we launched a new product “The Fine Print,” mini-lessons to give students practice with the important forms, statements and agreements they will encounter in their financial lives. Given that our...

What Personal Finance Terms Are Trending On Google Search?

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Oct 25, 2016
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Chart of the Week, Credit Cards, Investing, Financial Literacy, Current Events, Credit Reports
Playing around with Google Trends and wondered how various search terms are trending. Interesting to see three of these search terms”credit cards,” “credit score” and “investing” all converging together. Wondering about the purple trend line that barely registers above zero over the past five years? Oh, that’s “financial literacy.” Many say they need it, but few seem to be searching for it:) Of course, one way to build financial literacy...

Infographic: All You Need To Know About Credit Scores!

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Oct 14, 2016
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Credit Scores, Research, Teaching Strategies, Chart of the Week, Credit Reports
Hat tip to Laura Matchett of NGPF for pointing out this awesome infographic from Credit.org that explains the importance of having a good credit score by demonstrating how the cost of a home loan, auto loan, insurance and credit card interest rates varies based on these three digits. Just projecting this image on a screen (or maybe using as a handout because of the small print) could lead to a great discussion about credit scores: Questions for your students: Create a headline that explains...

In Search of Rewards: How To Pick The Best Credit Card

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Oct 10, 2016
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Credit Cards, Credit Scores, Research, Current Events, Credit Reports, Article
I’m sorry but I will never get used to the flight attendant coming on the PA system about 30 minutes prior to landing to announce this most incredible American Airlines Credit Card where you can earn 40,000 miles just for signing up (and that 40,000 miles can get you anywhere in the continental US)! Since when did we get to the point where flight attendants are pitching credit cards (do they get a commission with every sale?). I mean aren’t airlines making enough money with low fuel...

Workplace Ethics: What Would You Do?

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Oct 10, 2016
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Ethics, Behavioral Finance, Career, Teaching Strategies, Current Events, Credit Reports
While on my way to the airport to catch a flight to Richmond, Virginia for the Virginia Financial Literacy Summit (stop by our Roundtable from 9:30-10:30am if you are attending the summit!), I listened to this 18 minute Planet Money podcast [warning: coarse language (bull!@#$) in first minute]: The podcast focuses on the cross-selling techniques of this national bank from the perspective of an entry-level employee whose responsibility was to execute the “eight is great” strategy....

Question: How Can Fake Bank and Credit Accounts Impact Your Credit Score?

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Sep 28, 2016
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Article, Credit Scores, Credit Cards, Current Events, Credit Reports, Audio Resource, Financial Scams, Ethics
For those of you following the Wells Fargo fake account saga (some Senators might use more choice terms to describe their actions), your probably familiar with the details of millions of fake bank and credit cards that were set-up by overzealous branch employees trying to hit their sales quotas (I posted how this case is emblematic of why consumers better understand the sales incentive structure for financial products). Hat tip to Jessica Endlich for pointing out the additional harm that may...