Americans are not unfamiliar with being labeled or referred to by a number. When you are born you are given a social security number, and this number will follow you for the rest of your life and be used on things like filing taxes and applying for loans. As you get older there are other numbers that become associated with your identity, such as a driver’s license number, student ID, or employee badge number. One of the most important numbers that impacts your life as far as your finances are concerned is your credit score. Your credit score is looked at when you apply for credit and can dictate what type of loan terms you are offered.
Your credit report contains information about what debts you have, your payment patterns, whether you have filed for bankruptcy, and whether you have any money judgments against you. Depending on these, and some other things, your credit report comes down to a final credit score. Three reasons it is a good idea to keep track of your score are:
- The better score you have the lower interest rates you will be offered when applying for loans.
- Your auto insurance rates depend in part on your credit score. For drivers with higher scores, lower insurance rates are available.
- Renting an apartment or car may come down to your credit score. A lower score is an indication you are a risk, and a landlord may not feel comfortable taking the chance the rent will go unpaid.
You work hard for your money, so you should also work hard to make sure your credit is in good standing. If you believe there is an error on your credit report you can ask to have that error removed. We have experience disputing notations on credit reports, and helping our clients to clean up their credit. Callus today if you have questions about your credit and how it impacts your daily finances.
For more information about credit scores, contact us at www.DsouzaLegalGroup.com. We will help by coming up with solutions that work for you.