What’s My Credit Score?

Filed Under Credit

There are just some questions we all need to know the answer to in this ultra-fast, electronic age; and whats my credit score is one of them. Why is it so important for you to know what’s going on in your credit file? There are lots of reasons but these are the three real important ones:

1) You Could be a Victim of Identity Theft

It’s amazing how few people seem to understand what a big risk this is and what a devastating impact it can have on your life. It’s bad enough to get into financial difficulties when you’ve mismanaged your own money but when someone pretends to be you and does the same thing, it makes it a whole lot worse. On top of being held responsible for owing this money, it will take a lot of time, effort and perhaps money to repair your credit file and prove you don’t have to repay all the debts. If you get into the regular habit of checking your credit file and knowing where you rank on the credit score scale, you’ll know very quickly if something is going on and will be able to do something much quicker to stop the fraud.

2) Incorrect Information can Harm Your Credit Rating

Mistakes happen and sometimes incorrect information is recorded in your credit file. Thankfully you have the right under Federal Law to have it removed if the financial institution cannot prove it to be true. But unless you know a mistake has been made, you could be turned down for credit without knowing why. Reviewing your credit score info, checking the entries on your report carefully, and then taking the appropriate action should prevent this from happening.

3) You Could Lose Your Dream Job

You could lose the opportunity to get that perfect job if you don’t know the answer to what’s my credit score. You probably know that certain employers such as banks and financial institutions will check credit reports before employing someone. But it may come as a surprise to you that an increasing numbers of employers are asking you to prove you have a clean credit history even if you’ve been on the job for some time. In the current economic market, people are under a lot of financial pressure. Employers don’t want to employ people in positions of trust and potentially give them access to company funds if they cannot first check that their financial situation is secure. It may not be fair. After all, just because you poor credit doesn’t mean you’re going to put your hand in the till. Conversely just because you’re well off doesn’t mean you won’t start stealing. But life isn’t fair.

So do yourself a favor and find out your credit score. If you have a 600 credit score, you’re not in bad shape. Higher, or course, is better. Once you know what your credit score is, you can form a plan to either improve it or keep it healthy.

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