Knowing and understanding your credit score is critical to being financially fit. Your credit score is a determining factor for many things in your life – from buying a new car and opening a credit card account to purchasing a new home and even getting a job. Many young adults today don’t understand what their credit score means or how the financial decisions they make impact it.
On today’s episode, I’m going to explain what your credit score is and why it’s important to periodically check your credit report and address any issues that may arise. I’ll also explain how to check your credit report, how often you should check it, and why your credit history matters.
“Just like you take care with your personal reputation, it is equally or more important to take care of your financial reputation.” – Tracey Bissett
This Week on Young Money:
- Understanding what a credit report is
- How lenders and creditors use your credit score
- What’s considered good credit, fair credit, and bad credit
- Actions that affect your credit score
- The benefits of having good credit
- Who can see and use your credit report
- Types of information included in your credit report
- How monitoring your credit report can help you spot errors and signs of identity theft
- Understanding the codes associated with your credit report
- How often you should check your credit report
- How to get a free credit report
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