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Help Me Understand How Credit Works

Understanding your Credit
Table of Contents
Introduction………………………………………………………….………..4
Why Do You Need Credit…………………………………………….………5
What are the Types of Credit…………………………………………………8
Benefits of Credit Cards...........……………………………………………....10
Understanding your Credit Report………………………………….………..11
Protecting your Credit………………………………………………………..14
The Impact of Negative Credit……………………………………………….18
Credit Scoring…………………………………………………………….......20
Your Rights under the Fair Credit Reporting Act………………….….…......22
Separation & Divorce……………………………………………….….……..24
Car Repossession……………………………………………………………..28
Home Foreclosure…………………………………………………………….30
Bankruptcy........................................................................................................31
Fair Debt Collection Procedures Act.................................................................33
Resources...........................................................................................................36
Sample Letters...................................................................................................39
Glossary of Credit Terms..................................................................................48
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