You work in the Financing Department of SEESUN Home Construction Company. Your manager, Petra Santos, recently had to reject two construction jobs because the clients received low FICO sores from the credit bureaus and so the clients could not qualify for construction loans. Ms. Santos wants you to do some research on FICO scores and write a Memo for potential clients to educate them on the importance of FICO scores.
After you have a discussion with Ms. Santos, you make a list of the main questions you need to address in your Memo (not necessarily in the same order):
What does “FICO” mean exactly?
How is this score determined by the three national credit bureaus?
What is the difference between Fair Isaac and the credit bureaus?
What is the difference between a credit report and a credit score?
Why it is important to maintain high FICO scores.
How can consumers raise their FICO scores?
What changes are being made to FICO scores in 2020.
Is there any other helpful advice for potential clients? (Hint: a very important piece of information has not been mentioned in these questions! Find out and impress your Manager! You may even get a raise!)
You are now required to write a concise, well-organized Memo that summarizes your findings in your own words. The memo will come from you, so use your own name.
The Memo should be not more than 2 pages, single spaced.If you wish, you may use the Memo template posted on Canvas.
Cite your sources in footnotes, using MLA citation format.
The first draft is due on Canvas at 11:00am, Tuesday, Sept. 22.
Please note that this is NOT a team project, though class members will be discussing your first draft.
Use at least two of the following sources in your research and any other reliable sources:
Link: “What is a FICO score?” (Links to an external site.)
Link: “What’s in Your Credit Report?” (Links to an external site.)
Link: “What’s in My FICO Scores?” (Links to an external site.)
Link: FICO: “About Us (Links to an external site.)”
Link: “Free Credit Reports” (Links to an external site.)
Link: “Why Your Credit Limit Might Be Lowered Due to Coronavirus (Links to an external site.)”
Link: “What Do Recent Changes to FICO Scores Mean for Me?” (Links to an external site.)
Link: “What’s the difference between FICO® Scores and non-FICO credit scores? (Links to an external site.)
Link: “How to repair your credit and improve your FICO® Scores” (Links to an external site.)
Link to general articles and videos on FICO Scores (Links to an external site.)
Use bulleted lists and headings where appropriate
Information on inserting footnotes is on the Microsoft Office website (Links to an external site.).
Information about MLA can be found in Appendix B at the back of your textbook. Information can also be found on the OWL Website at Purdue University (Links to an external site.).
Read Chapters 4 and 5 of your textbook before starting this project and use the writing advice and writing style discussed in these chapters.
For the format of the memo, see textbook page 221 (Ch. 7, Fig. 7.3). If you wish, you may use the Memo Template posted on Canvas in Week 5.
The first draft of the memo is due on Canvas by 11:00am, Tuesday, Sept. 22. A satisfactory first draft with two satisfactory peer reviews will receive 100 points.