You probably thought once you graduated from school you would be done with report cards. In the adult world, a new type of report card determines whether youll be grounded or not- its your credit report. If your credit score doesnt meet the grade, creditors will ground you and either completely refuse to lend you money or lend you money at extremely high interest rates.
Credit scores are used to measure the probability that youll be able to repay the money that you owe, and the score is determined by the information found within your credit report. When you have a top notch credit score, youll be rewarded with better interest rates and qualify for more loans- so buying that new car or home can be possible.
Lenders rely on the FICO score through the Equifax credit bureau most often, but there are other credit scores available from Experian and TransUnion credit bureaus as well. You are able to purchase your score at any time so you know where you stand when shopping for a loan, and its a good idea to review your credit score and credit report at least twice a year to make sure the information is correct and updated. (You can receive one report from each...
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