Are you scared of your credit score?

calastinone (48)in #creditscore • 6 years ago (edited)

As tax time approaches everyone dreads the tax season, some are afraid to start or even think about it, but one thing that might scare some people is checking their credit scores. An organization by the name of the Consumer Federation of America annually publishes an Annual Credit Score Survey states that about 57% of Americans check their credit scores at least once a year. Did you know that the average credit score of US Americans is a 700 score!? It is important to check your credit score at least once a year. A good time to do this is when you are preparing your taxes and doing your taxes. This is when I take a moment to check mine.

If you know if you are going to be in the market to make a major purchase this year or getting ready to finance a purchase or even in the market for a new job it is important to know your credit score status. By monitoring and keeping tabs on your credit score can empower you to have more buying power, save money on interest and help you save money.

As technology moves faster so do the concerns about privacy and security. As we hear the latest vulnerabilities and compromises it is important to monitor your credit score due to data leaks, identity theft and other dark cloud activities that hover over our records from time to time. All these dark activities can affect your credit score if you are not checking on it. It’s better to keep on eye on your credit score so when the time comes for you to apply for a new card or a new mortgage you are not caught off guard and find your self facing an unplanned hit on your credit that wasn’t your authorization.

Late payments, charge-offs, and high unpaid balances can all have a negative effect on your credit score. These negative types of activities can impact up to 35% of your credit score when it takes a hit. Start facing your fears and take control of your credit score, if you find your credit in bad shape by checking and monitoring your credit you can start correcting errors and getting your credit score back on track.

Where do I go to check my credit score?

There are lots of sources and outlets you can go to. There are some sites that are free such as credit.com, When you go to the credit.com site they also include a free report card that shows you a summary of your credit report. The credit report you receive has a breakdown and can show you where you need to add some attention to a particular area that needs some attention.

You can also use some premium sites such as Experian, TransUnion, and Equifax, but these sites can cost you some money.

Another idea where to start is to check with your bank and your credit card accounts, you can individually check your accounts that are open and they usually publish your status on your monthly bills.

Which credit score should I be looking at?

There are so many credit scores out there, this can be frustrating to look at. I would say take a look at a couple of them, some may differ in scores than others, but by looking at multiple credit scores this will help you be in a better position to know where you are. Different companies score your credit differently so don’t let the difference in your credit scores scare you. Many companies calculate your credit scores differently.

Did you know that 1 in 5 Americans finds an error on their credit reports?

It's a good idea to make sure to check your reports to work on any errors if you find one in your report

Statistics show that about 79% of people who found an error on their report were successful in getting them removed.

If you live in the greater Austin Texas area and don't feel like you are making any progress on your credit I can help you repair your credit score and get your score in the high 700's. Feel free to reach out to me. You don't have to be afraid of your credit score any longer.