Your CreditScore Is Important - Check It Regularly

Lenders check a creditscore to decide if it's too risky to loan money to a consumer. Generally, every time a consumer applies for a credit card, car loan or mortgage loan, the lender requests a copy of the consumer's credit report and score from one of the three major credit reporting bureaus.

What is a creditscore?

A creditscore is a range between 0 and 800 or more. The higher the creditscore, the better chance a consumer has of paying back a loan. Consumers with high credit scores can acquire loans with low interest rates and other incentives. Consumers with low credit scores will be denied credit, receive high interest rate loans or other restrictions. Consumer's should check their creditscore regularly so they can see how the credit bureaus are reporting.

How to check a creditscore?

Consumers can purchase a copy of their creditscore from one of three major credit reporting bureaus. A creditscore can indicate whether or not a consumer should be concerned with its appearance on their credit report. If the consumer creditscore is high, the consumer is making their payments on time and has a healthy credit history. However, if the creditscore is low and the consumer disagrees, there may be a mistake in the credit bureau's report that can be resolved. A consumer can request a free credit report from the three major credit reporting bureaus every year. You can visit  www.annualcreditreport.com to request a copy of your credit report from each of the three major credit bureaus and at the same time request to check their creditscore.

Consumers may prefer to contact each credit reporting bureau individually. With the information below, a consumer can call or visit the website of the credit bureaus to request a credit report and check their creditscore.

•  Equifax: 1-877-576-5734; www.alerts.equifax.com
•  Experian: 1-888-397-3742; www.experian.com/fraud
•  TransUnion: 1-800-680-7289; www.transunion.com

 
After I check my creditscore, how do I improve it?

There are few ways to improve your creditscore. 
 
•  Pay down your credit cards; pay credit cards on time.
•  Don't max out your credit cards.
•  Use old credit cards to boost creditscore.
•  Call a lender to ask if they can make a “goodwill adjustment” to your credit report by erasing a late payment from your credit history.
•  Have the credit bureau correct records that aren't yours, such as late payments, charge offs, collections or other negative items.

For more information about credit bureaus and how to check your creditscore, visit the NCO Financial Systems, Inc.,(“NCO”) website at www.consumerhelpunit.org.

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