Check your credit, know your credit

According to the New York Times (2018), “…more people are checking their credit and more know how scores work.

In a survey of credit scores released this week, 57 percent of adults said they had “earned or received” their scores in the past year, up from half four years ago. The eighth annual survey was commissioned by the Consumer Federation of America, a nonprofit advocacy group, and VantageScore Solutions, a credit model created to compete with FICO, the dominant scoring provider.

Your credit is a proprietary, calculated score, and those are three-digit numbers that lenders use to judge borrowers’ creditworthiness. A score summarizes the information in your credit report, which is a compilation of information about your loans and credit card accounts. In general, the higher your score, the better interest rate you’ll get when you open a credit card account or take out a home or car loan.

Stephen Brobeck, the federation’s chief executive, called the findings “encouraging” because those who have checked their scores are more knowledgeable than those who haven’t. For example, 93 percent of those who had recently checked their scores knew that mortgage lenders use credit scores, compared to 74 percent of those who didn’t.”

What does that mean for you? Check your credit! And you can do it through our credit restoration and financial protection plan, your credit score is in real time.

Of course, you can go online to get a free credit score, but they are at least 30 days late as they are not updated immediately and the algorithm or model may not be in line with your financial goals. In other words, the scoring is inaccurate and misleading unlike a real-time model.

Just like financial planning, it takes time to monitor your score and know that it will constantly change based on your credit card usage and loan payments. There is a lot of science that goes into a credit score. This is how the big 3 (Experian, Equifax and TransUnion) make a lot of corporate money.

Do you want to see your score in real time and know where your money and efforts are going? Shop for a financial protection plan at thecreditfreak.com and stay on top of your credit. With 4 out of 5 credit reports having errors, it’s best to get control.

Check your credit, know your credit!

References:

Partial content credited to: The New York Times, http://www.nytimes.com. Ann Carrns, his financial adviser.