Date Added: 2/21/2009
Posted by:
 contentmgr
 ContentMgrubsmarterliving.com

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Your Credit score is one of the most important numbers in your financial life. The scores range between 300 and 850 with 850 being best.  This is what most companies use to determine your credit worthiness.  It determines if they will offer you credit and if that do what interest rate they will charge you.

700 and above will generally get you the best rate of interest, determine if a deposit or down payment is required. Fall below to 600 and your chance of obtaining credit become slim and the interest rate you are offered greatly increase. If you hit 500 you are death in the water or look for 21% and higher interest rates.

It is important that you know your score before you apply for credit or a loan. When you know you score you will be better able to gage what interest rat you will be offered.

There are 3 major credit bureaus that track credit reports and scores, Experian, Equifax and Trans Union. Companies in general use one or the other of these companies.  When a substantial amount of money is involved, such as a mortgage lenders or credit grantor will use reports and scores from all 3 bureaus to get a more accurate snapshot of you financial standing to determine your credit worthiness.

With the recent changes in credit law and credit reporting the credit Bureaus are required to issue you one free credit report per you. We suggest adding it to your calendar to request a report within the first 3 months of each year. While credit reports are free all reporting agencies charge an additional fee to obtain your credit score. Knowing your score is worth the money especially if you have major financial plans coming up.

It general takes about 3 to 6 months sometimes longer to correct any mistake and/or error on your credit report. Being aware of what’s going on with your report will enable you to correct errors quickly.

If you are not on top of you credit score and report now is the time to start.  The addresses and phone numbers follow so find out your score and take control of your finances.

Experian
888-397-3742
https://www.experian.com/freestate/

Equifax Credit Information Services, Inc
P.O. Box 740241
Atlanta, GA 30374
1-888-685-1111

TransUnion
Post Office Box 2000
Chester, PA 19022
1-800-916-8800