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ScoreSense Answers: What is a Credit Score?

We’ve all heard that we should monitor and keep track of our own credit reports from time to time,  but many of us have no idea how to go about doing so. This is where ScoreSense comes in, helping you keep track of your financial situation, in order to protect your family and finances. Here are a few things you need to know about your credit:

  • Your credit report is the “permanent record” of your credit history. It contains four sections:
    • Personal info, like name, address, date of birth, and employment history.
    • Account summary, including your current and past credit status, and your open and closed accounts.
    • Public records, which include things like bankruptcy, liens, court records, and child support records.
    • Credit inquiries, in the form of a list of everyone who has looked into your credit in the past two years.
    • You have the right to check into your credit report. Everyone is entitled to receive free credit reports from each of the three credit reporting bureaus, TransUnion, Equifax, and Experian, through the government-sponsored site www.annualcreditreport.com. You have the right to pull your credit reports once a year. Check them carefully, because if there are any errors, you also have the right to correct them.
    • You’re not the only one looking at your credit reports. Banks, mortgage lenders, car dealers, insurance companies, landlords, credit card issuers, retailers, and utility companies all check your credit, when they want to determine your level of responsibility.
    • Your score is important. The information in your credit report is used to assess your creditworthiness, and you are assigned a numerical grade, known as a credit score. The higher your credit score, the better a risk you are considered to be, and the more likely you’ll be to get loans and low interest rates.
    • Managing credit reports online can be easy, but it is good to use caution. A service like ScoreSense can be a great benefit, helping you to manage your credit, find the right avenues to correct errors, and protect your accounts from fraud and identity theft. With  ScoreSense you begin to take control of your financial health.

ScoreSense believes that everyone should have access to information that will keep their finances secure. That’s why we’ve created convenient, easy-to-use tools, to put our members in control of their credit, and help ward off identity theft. A ScoreSense membership makes you part of a community of people who have already taken charge of their credit, and it’s just as easy to cancel ScoreSense if you’re not satisfied as it is to sign up in the first place. To sign up for ScoreSense Credit Report membership, visit our website today!