Credit Reports and Credit Scores – Why Should I Care?

Credit Reports and Credit Scores – Why Should I Care?

When getting a home or auto loan, the first thing the loan officer will run is your credit score. They want to make sure you are credit worthy and that you are going to be paying them back every cent they lend you.

The other reason is that you should want to know what is being stuck on your credit report that in turn effects your credit score. It will increase your interest rates on loans and can have a significant impact over time.

The other reason is it can be the only real way to improve your credit scores. If you don’t know what is even on your credit scores how will you ever be able to set goals to improve them?

Fraud and Identity theft have been occurring in bigger volumes over the past few years. Watching your credit score and what is going on with your credit can flag you to the fact someone may be changing things without your knowledge that can impact you into the future.

Getting a yearly credit report that shows all 3 bureau’s and how they are looking at you based on the information on the report is very important as well as knowing your FICO score before applying for loans.

Getting lower interest rates and taking advantage of better deals is all a benefit of knowing your credit score and improving it over time.

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