Protect your credit, you must
March 14, 2007 Category: Articles 19 Comments 
As I’m dealing with building a new house I’ve been reminded yet again about how important it is to protect your credit. Sooner or later in your life you’re going to need the banks money and a good credit score is your meal ticket. 
Don’t screw it up.
Basic education on credit: There are three credit bureaus that creditors report to: TransUnion, Experian, and Equifax. If you mess up, one of these three (if not all of them) is going to hear about it and it’ll get stuck in your file (for years).
If you don’t know your credit score, shame on you - but it’s ok because you’re about to find out. The three bureaus above charge for the ability to peek at your credit report - but there’s a free way to do it that many people don’t know about.
Go to www.annualcreditreport.com. They give you one free report from each bureau every 12 months. I like to order one every 4 months to keep an eye on my credit for free all year long, but if it’s your first time doing a credit check up, you may want to order a all three bureaus so that you can really dig deep and repair any problems.
If your average score between a tri-bureau report is below 700, you have some work to do. Some think high 600′s is good but it’s not going to score you any great loans. If you’re a 700-719 you’re in good shape, and once you break 720 you can do fast track, stated income loans with virtually any lender.
Now go check your credit and repair it if necessary. If you have questions about it, drop a note in the comment box or use the talk to us link - I’d be happy to give some suggestions.
Note: This info pertains to the US only - but it’s still a good idea to pay your bills on time everywhere :)
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