Free Credit Report And Score – Why You Need Them Both
You keep a record of how much money is in your checking account. Chances are, you keep a running tally in the back of your check book and you balance that with the statement the bank sends you each month. As important as it is to know how much money you have available before you write a check, it is equally important to know your credit score and what is on your credit report. Not knowing these things could cost you money.
A credit score helps predict how credit worthy you are
Many factors go into determining your credit score including your bill-paying history, the number of credit accounts you have, late payments, collection actions, and outstanding debt. Once this information is compiled, statisticians compare your information with other consumers and give you points for each factor of your history that shows you to be a good credit risk. Your total number of points are added up, giving you your credit score.
A credit report shows how credit worthy you have been
Simply put, a credit report is a tracking of all of your credit purchases and payments compiled by a credit bureau and...
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