Credit Scores

Credit, or the lack thereof drives our economy. Your credit score is a very important number, especially if you are planning on a home purchase. Your credit score number comes from an analysis or your credit history. A score of 700 and above is considered good. To get in that range, it’s important to pay your bills on time.

When I discuss credit scores with people, I try to mention that there is a delicate balance with how much debt one carries. You don’t want to overload yourself with too much debt, but we can’t shy away from having debt either. The point being, proving that you pay off debt improves your score.

If you are looking for a credit tip, check your report for mistakes. This is a common problem among reports I view with clients. You are entitled to a free copy of your credit report from each reporting agency each year. It’s easy to sign up on websites like Annual Credit Report. Strive to get your report one time from each reporting repository every four month and you will be able to monitor them throughout the year. When you find a mistake, report it to the credit agency and be sure to follow up with them.If, after dealing with the repositories you cannot find satisfaction in getting your mistakes resolved, you can file a complaint with the Consumer Financial Protection Bureau, or the CFPB.