Criminal code title 18, section 1001 provides that knowingly falsifying or concealing a material fact is a felony which may result in fines. Credit reports contain a few key components you should be familiar with in order to understand what youre looking at. New credit and more inquiries on your account increase your risk profile and lower your score, especially if you dont have a long credit history. Which type of credit do you think poses the greatest threat. The credit industry generates more consumer complaints than any other industry in the united states. This execution plan is perfect for anyone who wants to manifest their ideal financial situation. Define credit card go over example explaining how to compute interest on credit cards assign the credit card activity worksheet. Resources american consumer credit counseling accc is a nonprofit 501c3 organization.
The student will be able to explain how banks and credit unions make profit from lending money and issuing credit cards. Credit history worksheet 1 credit history worksheet credit. Learn cards history credit 3 with free interactive flashcards. They also balance negative information against all other positive details in your credit history, so your application may still be approved despite a. New york city the modern day credit card came to existence in a restaurant where three men were having lunch they started the diners club card. Credit cards are loans that charge interest if not paid in full 2. Chargeoffs, debt collections, bankruptcies, repossession, foreclosure, lawsuit judgments, and tax liens also fall under the payment history portion of your credit score. The secret history of the credit card get rich slowly. Also known as your credit history when provided by a credit bureau to a lender or other business. When your parents use a credit card to order something online, their order is sent as a secret message. Students will learn how the credit industry has evolved over the past 30 years and will become more familiar with the consequences of debt, with this teachers.
Nerdwallets credit card finder tool helps you pick the best credit card for your needs. Frontline and the new york times examine how the credit card industry became so pervasive, so lucrative, and so politically powerful. Previously published as ancient science, secret history contains 150 pages of new material. With no legal limit on the amount of interest or fees that can be charged, credit cards have become the most profitable sector of the american banking industry. Secret history of the credit card frontline worksheet provides questions for students to answer during the movie film in secret history of the credit card. Credit secrets is a complete guide for credit related issues.
Sometimes during a lesson, an activity or discussion will also use a handout to teach key concepts. This online lesson plan will allow students to explore the. I spent my seven bucks to learn an invaluable lesson. The credit secrets minibook, from the makers of the official credit secrets bible friends and family by the end of this article you will understand why. Although a majority of adults in the united states use credit cards on a regular basis, most do not know the terms of their agreement with the companies that issue their cards. Credit card account numberkeep it a secret, or others can use your account. Credit and credit card lesson plans, consumer credit. Credit card debt and personal bankruptcies are now at an all time high. Teachers guide the secret history of the credit card teacher.
Making payments on time, staying at the same job for a period of time and establishing a relationship with a financial institution by having a savings or checking account and managing that account. It is divided in to sections right from the start so whether you want to see your credit report for free, increase your credit score or pay off the credit card debt in the best possible manner, you can jump right to the correct section. The purpose of usury laws was to regulate the maximum interest rates of loans. In this onehour report, correspondent lowell bergman uncovers the techniques used by the industry to earn record profits and get consumers to take on more debt. Making payments on time, staying at the same job for a period of time and establishing a relationship with a financial institution by having a savings or.
As an alternative, the kindle ebook is available now and can be read on any. Doing so shows that you can manage different types of credit. This online lesson plan will allow students to explore the frequently asked questions about filing for bankruptcy and present their. Credit cards are also convenient since they provide a reduced need to carry cash. The credit secrets minibook, from the makers of the. Office of personnel management 5 cfr parts 731, 732, and 736 form approved. It takes you through a 5 step process, starting with getting rid of negative. This exercise will give you a chance to shop for, and compare the costs and features of, three credit cards. So its especially important that you understand your credit report, credit score, and the companies that. Credit scores dont just consider the number of late payments. The secret history of the credit card was a 2004 frontline presentation from the public broadcasting system. Present the understanding credit cards powerpoint presentation 2. Secret history of the credit card 2004 cosmolearning.
The secret history of credit cards can be purchased from shop pbs for teachers. The average american family today carries eight credit cards. Frontline secret history of the credit card tv episode. The secret history of the credit card teachers guide pbs. When a general needs to send a message to his troops, he might use a radio, but only his troops understand the message, since its sent in a code.
Credit history worksheet directions identify the following factor descriptions to their corresponding c of credit. The diners club card was another important step in the history of credit cards. Credit card concepts the secret history of the credit card. Consumer protection disadvantages of using credit cards 1. The secret history of the world and how to get out.
In this onehour report, correspondent lowell bergman uncovers the techniques used by the industry to earn record profits and. The occ charters, regulates, and supervises over 2,500 national banks and their operating subsidiaries to ensure a safe, sound and competitive national banking system that supports the citizens, communities and economy of the united states. No extra charge if bill is paid in full each month 5. Credit cards, like loans, allow you to build up a credit history. Secret history of the credit card credit article of. Students must understand that when they use a credit card, they are taking out a loan from the issuer of the card. Choose from 500 different sets of cards history credit 3 flashcards on quizlet.
If you apply for a credit card, the lender may use a different credit score when considering your application for credit. The student will be able to describe how credit card companies decide to give someone credit. See the online credit card applications for details about the terms and conditions of an offer. The average american family today carries 10 credit cards. Give each card a job james pollard, from greenwood, delaware, is not only the proud owner of a dozen credit cards, but an advocate for making the most out of these accounts which means applying for and receiving as many as possible. The secret history of creation, invention, and discovery ashton. A2 per participant white board and marker per group of 3.
Accounts each of the loan and credit card accounts that have been active during the seven years prior to pulling it are listed on your credit report along with your payment history. Add new credit only when it makes sense, not just to have another card or to get an incentive gift. Frontline secret history of the credit card tv episode 2004 imdb. Unlike other authors covering this subject i will not insult your intelligence by sharing common sense tips like dont carry your ssn card.
Generally, each months payment status is included, so if you missed a payment. Credit cardsthe disadvantages and advantages of credit cards credit card debt has become a serious problem in america. This may help you with credit related activity such as getting a student loan, car loans, renting an apartment, or buying a house. Standard form 86 questionnaire for national security. Credit cards are also convenient since they provide a reduced need to carry cash or checks, and provide security in case of an emergency. Submit your assignment to the assignment files tab. Credit cards compare credit card offers nerdwallet. Debt accumulates and increases via interest and penalties when the consumer does not pay the company for the money he or she has spent. There is no special introductory rate on this card 5. Secret history of the credit card top documentary films.
Credit reports and credit scores your credit history is important to a lot of people. Credit reportsand you thought your report card was important standards and benchmarks see page c15 lesson description students read informational text and discuss the advantages and disadvantages of using credit and the importance of maintaining a good credit history. A comprehensive examination exposing the many pitfalls for consumers in americas credit card economy. That credit card could be used only by the banks account holders, similar to the chargit card. Consumers drowning in credit card debt do have options to regain control. Teachers guide the secret history of the credit card. Using credit to your advantage pdf hands on banking. The credit industry generates more consumer complaints than any other. Credit card debt and personal bankruptcies are now at an alltime high. This law was created to protect borrowers from excessively high interest rates. So its especially important that you understand your credit report, credit score, and the companies that compile that information, credit bureaus. The secret history of the world and how to get out alive.
Remember to keep it a secret, or others can use your. Finally, in 1966, bank of america launched the first generalpurpose credit card. To learn more about what this first card had to offer as well as how the credit card market has evolved in the decades since, continue reading below. Fp 101 week 3 credit history worksheet complete the credit history worksheet. Debt collection harassment debt collection arbitration secrets of debt. Credit card concepts the secret history of the credit. Debt results when a client of a credit card company purchases an item or service through the card system. Each lesson you learn from every interaction that is documented drives home the.
These learning materials focus on teaching students valuable and practical knowledge about credit cards. Credit history worksheet 1 credit history worksheet. The calculated strategies of banks to export consumer debt to states that have no limits on interest rates or usury laws were laid bare in this onehour documentary about the credit card industry. Store card amazon business card corporate credit line shop with points. The questions can be used during the video as a viewing worksheet or to test. The fee a credit card company charges a credit card holder to use the card for a year. The secret history of the credit card essay 616 words.
However, if the borrower is unable or unwilling to pay the credit card bill in full, the cardholder must pay interest. Jun 12, 2006 the secret history of the credit card was a 2004 frontline presentation from the public broadcasting system. Credit card debt is an example of unsecured consumer debt, accessed through credit cards. Store card amazon business card corporate credit line. The credit secrets minibook, from the makers of the official. However, all credit card information is presented without warranty. Credit history worksheet university of phoenix material credit history worksheet directions identify the following factor descriptions to their corresponding c of credit.
Credit score basics today, computerized credit scoring looks at the same information, but in a much more sophisticated manner. The program examines the nations use of credit and, more specifically, the methods used by credit card companies to obtain enormous profits. In secret history of the credit card, frontline and the new york times join forces to investigate an industry few americans fully understand. With lowell bergman, will lyman, chris dodd, ben stein. One of the last options for people overwhelmed with credit card debt is declaring personal bankruptcy. Secret history of the credit card frontline worksheet movie sheets. This is an activity in which the students answer questions about different payment options with credit cards 10 minutes. Payment history legend this is there to show you how the report labels your payment history. Founded in 1991, accc offers confidential credit counseling, housing counseling, bankruptcy counseling, a debt management program.
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