PROTECTING YOUR SCORE:

by Rich Piatt

The definition of a Credit Score is ‘a numerical expression based on a level analysis of a person's credit files, to represent the creditworthiness of that person’. A Credit Score is primarily based on credit report information sourced from the credit bureaus.

For many years our personal Credit Score was used primarily as a consideration in the loan process. Today our Credit Score is still a major factor in the loan consideration, but may also be reviewed by a potential employer, an apartment complex when one is looking for housing, and even used in some cases as a factor in setting car insurance rates. While building a solid Credit Score can be done through a number of disciplined steps, it often takes several months to get one’s credit back in good standing if it is adversely affected. This makes it critical to ensure what is being reported to the credit bureaus is timely and accurate.

A free and easy method to check on your credit report is through www.annualcreditreport.com. The credit report pulled from this site is detailed, fairly easy to read, and thorough. A Certified Credit Counselor is an excellent source to assist if any interpretation of the credit report is needed and also to provide insight into how to build and keep your credit report in good standing.