The Importance of Good Credit

Did you know that it wasn’t so long ago that women faced challenges in obtaining credit? In the 1960s and 1970s, legislation provided women with equal access to credit opportunities, paving the way for their independence and self-reliance. Whether married, single, divorced, or widowed, the National Foundation for Credit Counseling encourages all women to protect themselves by obtaining credit in their own name.

It’s important to understand your credit score and there are several strategies to help. You can start by obtaining a free credit report from www.annualcreditreport.com.

• Make sure to look through the report for errors and dispute items through the form available in the report. If there are past due accounts, start paying them off and avoid racking up additional debt.
• Pay attention to the main areas of your credit score: outstanding loan balances, payment history, number and types of open credit lines, and length of credit history. Your FICO score is a single number that’s used as a credit measuring indicator and provides invaluable insight, such as how potential lenders view your credit history. While your FICO score isn’t included on your free annual credit report, you can obtain it for a small additional fee.
• The score report will usually provide advice on how you can increase your credit score. When trying to improve your score, know that changes to your credit report will not have an immediate impact on raising the number. The best remedy to enhancing your credit is time itself.

For more information on how your credit score is determined and how to improve your score, call the office today.

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