How To Check Your Credit Score
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Your credit score is one of the most important pieces of personal finance information that you can possess. It can be used to determine the interest rates you will qualify for when applying for new credit cards and loans, as well as playing a role in determining whether or not you are approved for certain types of employment. Because of this, it’s important to regularly check your credit score, so you know where you stand and which steps you may need to take to improve it. Here is a step-by-step guide to checking your credit score.
Step 1: Obtain a copy of your credit report. In the United States, the three major credit bureaus (Experian, Equifax, and TransUnion) are legally required to provide you with a free copy of your credit report once a year. You can get this information by visiting their website or calling their services. Make sure to read and understand the report completely to make sure it’s accurate.
Step 2: Once you have your credit report, you can calculate your credit score. There are a number of different websites and apps that can help you do this, but if you want the most accurate score, it’s best to use the FICO score, which is the one used most often by lenders.
Step 3: Start taking any necessary steps to improve your credit score. Depending on the reason that your score is low, you may need to obtain a secured credit card, pay off any outstanding debt, or dispute errors on your report.
Step 4: Once you’ve taken the necessary steps to improve your credit, start monitoring it regularly. Most of the major credit bureaus offer a monthly subscription service so you can keep track of any changes. They may even remind you of any upcoming due dates so you can avoid any penalties or late payments.
Checking your credit score is the first step to a healthy financial future and should be done regularly in order to ensure that you are in the best financial position possible. Make sure to take the time to go over your credit report and take any necessary steps to improve it, so you can get the best terms when applying for credit and loans.