The big ideaA credit report lists who lent, how much, and if payments were on time.
How it works
A credit report is a book kept by a record keeper. Every borrower has one, and it tells one story only: how you have handled borrowed coins.
Each row is a lender, with how many coins were lent and how the payments went. A gold tick means on time, and a small clock means late.
Nell paid 11 of 12 payments on time, so her page looked tidy. Her pay, her savings jar and her shopping are not in the report.
Mix-ups happen when two pages with similar names get shuffled. A mistake can be taken off, so ask the record keeper to look into it. Grown-ups may read their own book whenever they wish.
Nell's 12 payments: 11 gold ticks and 1 small clock.What is in the report, and what is not.
Example 1: Counting the ticks
Nell made 12 payments.
11 were on time and 1 was late.
11 + 1 = 12, so the row shows 11 gold ticks and 1 small clock.
Example 2: In or out?
Who lent Nell coins? That is in the report.
How much Nell is paid each month? That is not in it.
Her savings jar and her shopping are not in it either.
Example 3: An odd row
A fourth row says Nell owes 5 coins to a stranger.
Nell never borrowed that, so it may be a mix-up.
She asks the record keeper to look into it, and a mistake can be taken off.
Example 4: The bank decides
Mr. Fenn reads the tidy page.
The report is only the facts.
The bank makes its own decision about the loan.
Words to know
credit report
A book that lists who lent, how much, and how payments went.
record keeper
The one who keeps the books, like Orla.
lender
Someone who lent coins to the borrower.
gold tick
A payment on time.
small clock
A payment that was late.
mix-up
A row that is not yours.
Watch out
A report is not a diary. It does not hold pay, savings or shopping.
A mistake in a report is not forever. Ask the record keeper to look into it.
The report does not decide. The bank makes its own decision.
Look for a row you do not know. It may be a mix-up.
Try it
A report shows 12 payments, and 11 were on time. How many were late?
Is Nell's savings jar in her credit report?
Nell sees a loan she never took. What does she do?
What does a gold tick mean?
Answers: 1. 1 · 2. No · 3. Asks the record keeper to look into it · 4. A payment on time
Try at homeWith a grown-up, find where your family keeps important money papers, like bills and receipts. Talk about why a tidy place helps.
For grown-upsA made-up Record House and pretend coins. Ask your child what a gold tick and a small clock mean, and what Nell can do about a row that is not hers.
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