FICO Score
Facts
Keeping your eye on your credit
report and FICO score is more important today than ever before. With more
businesses using FICO scores
To decide your credit worthiness and
now with the breach of personal information at retailers such as Target and
Home Depot, no one is safe. But getting your score and keeping track of your score
can be a little confusing; I know this from personal experience.
I wanted to check my credit score so
I went to Experian.com and ordered my free report and score. I was mindful of
not signing up for anything extra, but somehow I did not realize that I had
agreed to a 7 day trial for credit monitoring. I notice a $14.95 charge to my
account. I called Experian and tried to explain that I did not know that I
signed up for the monitoring, but they were not sympathetic. I even wrote the
CEO, but have yet to hear back. I did some research and have found that Creditsesame.com
is free and does not ask for a credit card. I just signed up and did get my
score. It was higher than the Experian score, but in the ball park. I also signed
up for free monitoring, I will report back in a month or so and let you know
how I feel about the service.
Many people think that only when they
apply for a credit card, a mortgage, a car loan, or some other kind of loan
will their credit score become important, but that is just not the case. Many
times it may affect what you pay for auto insurance, whether you can rent a
home, or even employers may want to know about your credit.
The most important thing to do is get
a look at your credit report. Now there are many companies out there that say
they will help you improve your credit score, but the reality is that you can
do this yourself.
First dispute any negative on your
report to the 3 agencies. Remember you must do all 3 agencies. When you dispute
with the credit agencies they must investigate and respond to you within 30
days. Each of the three credit agencies (Experian | TransUnion | Equifax) have a
section on their web sites for disputes.
Another big mistake people make is
that they close revolving accounts. That actually brings down your credit score.
It makes no sense, but one of the factors affecting your credit score is
available credit. If you close the account you have less available credit. Keep
the accounts open and just don’t use them.
The rest is basic, pay your bills and
pay down your debts. You can improve your credit score, it just takes time. If
you have good credit, guard it closely, it can save you quite a bit of money.