Credit Score & Credit Reports Are Different

Credit Score

This isn’t the first time I’ve written about the importance of maintaining an excellent credit score and it won’t be the last.   The financial impact of having a lowered credit score is huge when you evaluate it over the length of your lifetime.  All those slightly higher (or extremely higher) interest rates add up when applied over 30 years.   Use one of the free credit score services to check it every once in awhile and keep track of any changes.  Also take a look at ways of improving your credit score and try to implement a few.  It may be slow, but your score will start to creep up.

Credit Report

Regardless of whether you have a good or bad credit score, it is important to review your credit report periodically.  Your credit report is where any fraudulent activities performed in your name will show up (aka identify theft).  Suppose someone gets ahold of your social security number and opens 4 credit cards in your name, racks up $1,000′s of dollars of debt and then doesn’t pay the bills.   That could impact you for years and it wasn’t even your fault!  But if you periodically check your credit report you will see all lines of credit opened in your name and will hopefully be able to address any issues immediately.

How long has it been since you checked either your credit score or credit report?

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