Maybe you already know what a credit score is and how it may impact your financial health. If not, here's a quick explanation:
If you've ever signed up for a credit card, purchased a cell phone and plan, paid a utility bill, purchased a car, or received a loan from another business, then you have established a credit score.
Your credit score is a numerical value that ranges from 300–850 and is based on factors such as any debt you already have, the length of your credit history, and the history of your payments. This score reflects how well you manage your debt and whether you pay your bills on time. For example: If you pay your bills by their due dates, you will earn a higher score. If you are late in paying your bills or don't pay them at all, you will accumulate a lower score.
Ideally, you'd aim to have a high credit score. Why? Well, if you should need to purchase a car, a home, or borrow money from a lender to pay for a medical procedure without high interest rates or strict penalties, you'll need a good credit score.
If you have a lower score or aren't sure what your score is, there are steps you may take to learn your score and lower it, if necessary, via your TransUnion CreditView Dashboard®.
There are three main credit bureaus who monitor credit for everyone with a credit history: TransUnion, Experian, and Equifax.
All of our Pocket360® customers automatically receive free access to their credit score via their TransUnion CreditView Dashboard®. This friendly solution enables
you to gain insight into your overall credit performance and also offers free credit education, credit alerts, and a score simulator.
If you checked your credit score and discovered it's on the lower end, don't worry. Of the nearly 3,500 TransUnion CreditView Dashboard® customers whose credit scores were "subprime" (meaning having a poor credit history), upwards of 60% were able to see a significant change in their scores in just eight months' time by using their personalized dashboard, according to a recent analysis by TransUnion.
By taking the following steps, you, too, may be well on your way to improving your credit score.