Credit

Credit and credit scores can be downright confusing. Do you know what your credit score is? Do you know its impact on your life? Read more to find out.

In the United States there are three major credit bureaus: Equifax, TransUnion, and Experian. These bureaus keep track of your credit history.  To learn more about exactly what they track and for how long, see the article Who Are the Major Credit Reporting Agencies?. 

Your credit score paints a picture of your financial history and gives banks the data they need to make a determination on the risk of lending to you funds. This will affect the interest rate offered as well as whether they will be willing to do business with you. Credit history may also be used to make decisions on initial employment, or whether a deposit is required for a utility or monthly recurring service, to name a few examples.

To obtain a FREE credit report (usually available once yearly per agency), go to Annual Credit Report.

Here are some additional resources with more information on how to get and keep a healthy credit score:

• Maintain your Good Credit (Wells Fargo)
• How to Build Credit (Consumer Affairs)
• Student Credit Cards Video Courses (Lend EDU)