Do you think you know everything about your credit score? If you have some doubts, this quiz is totally recommended (especially if you recently graduated from college). It will take no more than 30 seconds to answer very simple from the first sight questions:
- Do you know who gathers information on which credit scores are based?
- How many credit scores have one single customer?
- Is it significant to check if the credit score reports correct in three major credit bureaus?
In case you answered Equifax, Experian and TransUnion (they are the three major credit bureaus), you would have done well on the quiz carried by the Consumer Federation of America and Vantage Score. There is some very good news was lately published. The survey information conducted recently shows that customer’s knowledge about credit score has significantly improved during the last year. So, basically, young people from 18 to 34 years are way more knowledgeable. According to Stephen Brobeck who is an executive director at CFA, these people will most likely understand that they need to treat their credit scores properly and if they do not do that, finance problems might have a chance to appear.
It is very sad, but the same group of people thinks that companies that say they can repair poor credit score can actually help. They get caught by tempting promises that are after all never kept. So, everyone should be extremely careful with such scam companies. Yes, you can take out bad credit loans, but it is better to take care of your score. So, how do you have to keep up with your credit score? Eventually, a lot of university graduates walk around with high rate of student loan debt, who would want to purchase a good vehicle or maybe a home pretty soon.
Here are 4 easy steps you should really make:
- Remember the 3 bureaus we mentioned earlier? Well, each of them has an offer for you. They provide a credit report free of charge. What you should do is to find yours as soon as possible, check out if you have any mistakes, underline them and give a call to the bureau, they will help you to fix everything.
- Your FICO (Fair Isaac Corporation) score. This service is not free, but there is a free trial version that will be active for 10 days. Do not forget to use once you sign up, since you will be locked for long 3 months at you FICO Score Watch subscription at $14.95 per month.
- Don’t hesitate to use free credit monitoring. If there are some changes in your report, you’ll get a notification.
- Use your credit. In order to build a good credit history you will need to use your credit. Start with credit card. If you keep in a good shape you will be able to apply for a bigger cash advance amount in future.