According to the New York Times (2018), “… more people are checking their credit and more know how scores work.
In a survey of credit scores released this week, 57 percent of adults said they had “earned or received” their scores in the past year, compared with half four years ago. The eighth annual survey was commissioned by the Consumer Federation of America, a nonprofit advocacy group, and VantageScore Solutions, a credit model created to compete with FICO, the dominant scoring provider.
Your credit is a calculated property score and those are three-digit numbers that lenders use to judge the creditworthiness of borrowers. A score summarizes the information on your credit report, which is a collection of information about your loans and credit card accounts. Generally, the higher your score, the better interest rate you’ll get when opening a credit card account or applying for a mortgage or car loan.
Stephen Brobeck, the federation’s executive director, called the findings “encouraging” because those who have verified their scores are more knowledgeable than those who have not. For example, 93 percent of those who had recently verified their score knew that mortgage lenders use credit scores, compared to 74 percent of those who had not. “
What does that mean for you? Check your credit! And you can do it through our credit restoration and financial protection plan, your credit score is in real time.
Of course, you can go online to get a free credit score, but these are at least 30 days late as they are not immediately updated and the algorithm or model may not be in line with your financial goals. In other words, the score is inaccurate and misleading unlike a real-time model.
Like financial planning, it takes time to monitor your score and know that it will change constantly based on your credit card usage and loan payments. There is a lot of science related to a credit rating. This is how the big three (Experian, Equifax, and TransUnion) make a lot of money as a company.
Do you want to see your score in real time and know where your money and efforts are going? Find a financial protection plan at thecreditfreak.com and continue to monitor your credit. Since 4 out of 5 credit reports have errors, it is best to know the control.
Check your credit, know your credit!
References:
Partial content credited to: The New York Times, http://www.nytimes.com. Ann Carrns, your monetary advisor.
