According to the New York Times (2018), “…more people are checking their credit and are more knowledgeable about how scores work.
In a survey about credit scores published this week, 57 percent of adults said they “got or received” their scores in the past year, about four years earlier. 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 the leading score provider FICO.
Your credit score is a proprietary, calculated and three-digit number that lenders use to judge the creditworthiness of borrowers. A score summarizes the information in your credit report, which is a compilation of information about your loan and credit card accounts. Generally, the higher your score, the better interest rate you can get when opening a credit card account or taking out a mortgage or car loan.
Stephen Brobeck, the federation’s executive director, called the findings “encouraging” because people who have checked their scores are more knowledgeable than those who haven’t. For example, 93 percent of those who recently checked their scores knew that mortgage lenders use credit scores, compared with 74 percent of those who did not.
What does that mean for you? Check Your Credit! And you can do it through our Credit Restoration and Financial Security Plan Your credit score is real time.
Of course you can go online for freebie credit scores but they are at least 30 days behind as they are not updated immediately and the algorithms or models may not suit your financial objectives. In other words, the score is inaccurate and misleading, unlike the real-time model.
Like financial planning, monitoring your score takes time and finds that it will change on an ongoing basis based on your credit card usage and loan payments. There is a lot of science that goes into credit scores. This is how the big 3 (Experian, Equifax and TransUnion) make their corporate big bucks.
Want to see your score real-time and know where your money and efforts are going? Find a financial security plan at Thecreditfreak.com and stay on top of your credit. With 4 out of 5 credit report errors occurring, it’s best to know the controls.
Check Your Credit, Know Your Credit!
Partial content credit: The New York Times, http://www.nytimes.com, Ann Carnes, Your Wealth Advisor.