A Better Credit Report and Higher Credit Scores

Mike about Money | Higher Credit Score

Recently, on the Mike About Money Podcast, we talked about Credit Reports and Credit Scores. Even though consumers have unprecedented access to their credit reports and scores these days, a large percentage of the public is unaware that this information exists and even more don’t understand the information that is contained in credit reports, how to make sure correct information is included in your report, and what a good credit score is and how to get one.

Have you seen your credit reports and credit scores lately? Federal law gives all of us the ability to see all three of our Credit Reports from the so-called Big Three Credit Reporting Bureaus (Equifax, Experian and TransUnion) for free once a year at annualcreditreport.com.

These days though, for those who want to stay up to date on changes to their credit reports, online services like Credit Karma offer free and easy access to credit reports and credit scores. While reports and scores normally update once a month, you can log in and see your reports daily. This is very helpful if you are working on improving or repairing your credit.

Consumers should be more in tune with the importance of credit reports for two reasons. The main reason is security. Personal financial information has never been at a higher risk than it is today. Recently, identity thieves have hacked large retailer’s databases of credit card and other consumer’s personal information like social security numbers. It is very important to keep an eye out for unauthorized use of your credit and good name.

Secondly, it’s important to keep an eye on your credit reports and scores to ensure you are in the best possible position to borrow money should you need to for large, important purchases like student loans and home mortgages Don’t forget, more and more employers are pulling credit reports to make hiring decisions and most utility companies and landlords pull credit reports before approving a new account or rental application.

The post-Holiday credit card bills will arrive soon, so this is the perfect time to assess where you are financially in terms of debt, income and spending monthly. 

Your fiscal fitness is your responsibility.

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Mike about Money