| Your credit score is a measure of your credit | | | | making sure that your bills are paid on time will cause |
| worthiness and is an input into the calculation of how | | | | your sins of the past to be diluted and improve your |
| much money you can borrow and what interest rate | | | | ratings. |
| you may borrow the money at. Many people do not | | | | Trying to avoid having your history recorded or trying |
| know that they do have some control over the credit | | | | to hide your sins is virtually impossible. There are many |
| score assigned to them. Lack of the knowledge and | | | | credit bureaus out there capturing our money habits. In |
| acceptance of what is frown at us has cost many | | | | the US there are three main bureaus; Experian, |
| dearly, either by not being able to raise the capital we | | | | TransUnion, and Equifax. |
| need or by paying too high an interest rate if a loan is | | | | American's are entitled to one free credit report within |
| granted. Some people have been denied access to | | | | a 12-month period from each of the three credit |
| services as simple as obtaining a mobile phone due a | | | | bureaus but are not entitled to receive a free credit |
| bad credit rating. | | | | score. The score is considered an add on to the credit |
| The credit score assigned to you is not fixed but is a | | | | report and therefore attracts a fee to be made |
| dynamic reflection of your credit worthiness. As time | | | | available. |
| goes by your credit history is captured in a credit | | | | It is possible to obtain your score for "free" though a |
| report. From the credit report a statistical analysis is | | | | subscription credit report monitoring service. It is highly |
| made to determine your credit worthiness. It must be | | | | recommended that if you had or have a high risk |
| noted that your income is not a consideration in | | | | approach to credit or need to monitor your credit |
| determining your credit score. Since your income is not | | | | ratings to optimize the expenditures on your credit that |
| a consideration and the information captured in your | | | | you sign-up with one of the credit report monitor |
| credit report is dynamic and changes as times goes | | | | services. It will save you a significant amount of money |
| by it is fair to conclude that your credit rating is a | | | | in the long run. |
| function of your behavior towards credit. | | | | In conclusion if you are living in the credit world like |
| If your approach towards credit has not been sound | | | | most of us it is highly recommended that monitor your |
| e.g. not paying your bills on time your credit score will | | | | credit ratings to avoid getting in the wrong side of the |
| be low and you will be severely penalized on your | | | | credit suppliers. |
| next application for credit. Changing your approach and | | | | |