"...more people need to check their credit and are educated about how credit scores run," according to the New York Times (2018).
According to a latest study on credit scores, 57 percent of adults reported they "obtained or acquired" their scores in the previous year, up from nearly half four years earlier. The Consumer Federation of America, a nonprofit advocacy group, and VantageScore Solutions, a credit model trying to compete with FICO, the predominant score provider, commissioned the eighth annual research.
Your credit score is a three-digit figure that lenders use to assess a borrower's creditworthiness. Your credit report, which is a compilation of information about your loans and credit card accounts, is summarised by a score. When applying for a credit card, a mortgage, or a vehicle loan, the higher your credit score, the better the interest rate you'll obtain.
The findings are "encouraging," according to Stephen Brobeck, the federation's executive director, because individuals who have reviewed their scores are more knowledgeable than those who have not. For example, 93 percent of people who recently checked their credit score were aware that mortgage lenders utilise credit scores.
So, what does this imply for you? Examine your credit report! And you can accomplish it with our credit repair and financial protection plan, which gives you a real-time credit score.
Of course, you can get a free credit score online, but it will be at least 30 days old because it does not refresh instantaneously, and the algorithm or model may not be in line with your financial goals. In other words, unlike a real-time model, the score is erroneous and misleading.
It takes time to monitor your score and understand that it will fluctuate on a regular basis depending on your credit card usage and loan payments, just like it takes time to organise your finances.
Do you want to be able to see your score in real time and understand where your money and efforts are going? Check out thecreditfreak.com for a financial protection plan to help you remain on top of your credit. With 4 out of 5 credit reports containing inaccuracies, it's crucial to take control.
Check Your Credit, Get to Know Your Credit!
References:
The New York Times, http://www.nytimes.com, is attributed with some of the content. Your Money Advisor, Ann Carrns