Checking Your Credit Score Is No Laughing Matter

You’ve probably seen the commercials on TV.

As humorous as this TV ad looked, making sure your credit score is correct is no laughing matter. Checking your credit score on a regular basis should be a top priority.

For those who don’t know what a credit score is, it’s simply an analysis of your credit record gathered by three major credit reporting companies; TransUnion, Equifax, and Experian. Credit scores were developed by a company called, FICO in the early 80’s. Lenders, such as banks and credit card companies, will use credit scores to evaluate your potential risk when you apply for loans, credit cards and other important financial transactions. Your credit score can range from between 300 to 850.

Bad debt effects your credit score, as it will lead to increases in how much your interest rate is or how much money you’re allowed to borrow. Credit scores also can be a determining factor in employment and renting an apartment.

Accuracy on your credit score is based upon how often you check. Generally, you should check your credit score every year for inconsistency. If there’s a discrepancy on your credit report, you should take your dispute in writing to the all three credit reporting agencies. Under the Fair Credit Reporting Act (FCRA), credit bureaus have 45 days to investigate the discrepancy.

Companies, like offer a free credit score on their website. However, the site requires you to participate in a credit monitoring service.  Whatever you decide, keep your credit score in tip-top shape. 

How much money you save does matter!


About smoothjazzandmore

I'm a TV producer and an Internet radio broadcaster. I also write for my blogs (An Op-Ed Blog and a Football Blog) here at WordPress.
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