Your credit score defines your credit worthiness - how you pay, how much you pay and whether you CAN pay. Mortgages, vehicle financing, credit cards and loans all depend on your credit history for approval and rates. If approved, the rates (interest rate) you are charged is also based on your credit history. Consumers with higher credit scores, or more positive credit history, most often have lower rates and in turn pay less in interest charges. Consumers with lower credit scores, or less positive credit history, most often are offered higher interest rates and in turn pay more in interest charges.
Here are some statistics as it relates to credit facts:
36% of adults think there is no reason to check their credit score,
About 8% do not know how to check their credit scores,
8% think checking their credit scores is too expensive,
About 54% of Americans never even check their credit scores,
79% of credit reports have at least one mistake,
12% of the U.S. population has a FICO score below 550,
47% of employers check an applicant’s credit score and history as a part of the interview process.
Checking your credit score is vital to your financial freedom and even your financial security. You should be checking your credit score at least once a year to check for identity theft, and credit mistakes. You can check your credit report for free
once a year at www.annualcreditreport.com.
We believe more than half of those with bad credit, do not know why they have bad credit. Credit Education is important; Boe Credit Consulting provides a comprehensive credit education program. You can take advantage of our credit education by signing up for our email list and you will receive regular emails with great information that is intended to improve your credit knowledge.
Now it is important to note that not all consumers with bad credit are irresponsible. Credit reports are complicated, and the average consumer cannot understand what is in their credit report. You can go MyFICO to get an in-depth understanding of what is on your credit report.
Maintaining good credit is not just about paying your bills on time. Keep your credit history clean by knowing what is reported on your credit report. We recommend that you dispute mistakes, correct your payment history, pay your bills on time, and monitor your credit for fraud regularly to ensure your credit report contains accurate information.
As we mentioned, 47% of employers check an applicant’s credit score and history as a part of the interview process. As an applicant, whether or not the employer checks credit should not be a surprise to you. If they intend to check your credit, they must disclose it to you, AND they must get your written permission to do so. Employers are completely within their rights to deny an applicant employment based on their credit history when the position being applied for will have any direct financial impact on their business. Depending on what your credit file looks like, it can cost you that job! This is another reason it is so important to know what is in your credit file.
If you don’t know what your credit file looks like, we recommend checking it right away. Take advantage of the free reports you are allowed each year. You are also allowed to get free reports any time you have been denied employment or credit opportunities because of your credit.
Remember, Boe Credit Consulting is here to help if you need it. We can provide you with a free credit consultation and we can also develop a custom and comprehensive plan to repair your damaged credit.
Contact Boe Credit Consulting today to learn how you can have the exceptional credit you deserve.
About the Author
Jeff Boe is a graduate of National American University, a Board-Certified Credit Consultant and the President of Boe Credit Consulting. He has successfully rehabilitated his own credit profile and, since 2005, has been working with consumers to educate and help them with improving their own credit.
In 2018 he started Boe Credit Consulting in order to help even more people improve their literacy as it relates to the credit system in the U.S. as-well-as to improve their credit reports and scores so they can be free to realize their financial goals.
Boe Credit Consulting specializes in helping credit-challenged consumers improve their credit reports and scores so that they can achieve their financial goals.
For more information, visit www.BoeCredit.com
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