Report on Understanding Your Credit Score
Understanding various issues pertaining credit score is very crucial. Certainly, the workshop focused mainly on understanding individual credit score. The main speaker during the workshop was Mr. Quinton Harris, who came from the Bank of England. Additionally, individual who had worked for different no of years, implying their personal experience in the field, gave the presentation. The first individual has been working for ten years, the second as also worked for approximately ten years, and the third person worked only for a year. Therefore, their presentations were focused on answering various questions, which included the meaning of credit score, bureaus report, who takes control of the individual credit. Furthermore, the essence of the workshop was to elaborate on the determinants of credit scores that are credit history, payment history and delinquent payment. As an example, one of the speakers talked about student loan, who gives them, and mortgage issues. Understanding credit score also deals with how one can obtain a credit sore, and the level of credit score. Perhaps, the outcome of credit sore can be either negative e of positive depending on payment period. Student loans have the same importance ha mortgages; hence, learning how to make it work for the benefit of students. Finally, the essence of the workshop was to elaborate on the tips of maintain a good credit score and credit card security. Such tips include protecting credit score, be selective in selecting social security number and the number of cards to be kept to avoid trouble.
Practical Application
In the practical situation, the information that was taught and collected during the workshop is very applicable. In this case, the ability of individuals to comprehend various aspects of credit score depends on the credit worthiness of people borrowing from the lending institution. Borrowing of money and getting a job in a practical scenario is determined by the information, skills, and confidence on the credit score. Some of the practical information on credit score is that low credit score leads to payment of high rate of interest while those with high score pay low rate of interest. This implies that individuals with low credit score are always disadvantaged. The importance of the workshop is evident when there is the need to improve the credit score, probably ascertain high score is the ultimate goal of every individual. Information and skills received by those who borrow drives them to repay their loans in the appropriate time to increase credit score. In every aspect, of an individual, financial health is critical; therefore, the workshop skills imparted knowledge on the importance of credit.
Personal Impact
Undeniably, the workshop had a lot of impacts as an individual. As a matter of fact, borrowing of loans and issues of attaining high credit score induces discipline and responsibility. Individuals who are not responsible will always be disadvantaged. Hence, the workshop develops a sense of responsibility and enhances personal leadership outline. As a leader, one is not only expected to lead, but also leadership can be demonstrated on how quick an individual can respond to issues in the right way. Management is critical in ensuring growth and advancement of financial health; therefore, understanding credit score prepares individuals towards the ability to maximize the available resources at a minimum possible cost. The level of credit score fluctuates depending on the response to pay debts. This implies that understanding credit score mould individuals to be able to pay debts in the required time. In life, there are issues that require concentration and adherence in order to be stable; hence, understanding credit score go beyond loans and credits, it develops and individual be all rounded in terms of self-discipline, wealth and leadership. The world financial issues have become complex and difficult, making many people depend on credits. Hence, it is indispensable for people to understand the importance of credit score to stabilize their financial status.
