Know Your Credit History and Score
In our last blog I told you I would show you ways to get your credit report and score without an impact on your credit report or score. Over 70 million Americans suffer from negative credit. Most of us realize too late that our entire lives revolve around our credit reports. Knowing your credit history early and working to maintain and improve it can improve the terms of your purchase or loan as well as your long term financial health.
What is a good score you ask? Very good score is 780 to 850. According to Fair Isaac the company that developed the first credit score, Americans fall into these credit score rankings:
- Less than 500............2% of the population
- 500 to 599..................13%
- 600 to 699..................27%
- 700 to 749...................18%
- 750 to 799...................27%
- 800+ ....................13%
Your credit score is a number from 300 to 900. Do you know your credit history and you credit score? The lender needs to know how big a risk you present if your not paying them on time. There are three major credit bureaus:
- Equifax http://www.equifax.com/
- Experian http://www.experian.com/
- TransUnion http://www.transunion.com/
You are entitled to a free copy of your credit report once a year from each of the bureaus. Go to http://www.freeannualcreditreport.com/ and follow the prompts. You will have to pay a small fee for your score but it is worth it. So if you have not done this in the past 12 months.......TAKE ACTION NOW........and do it today.
Until next time........Know your credit history!!!!
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