Credit Score And Credit Monitoring Discounts And Offers
Credit Score And Credit Monitoring Discounts
If you want to purchase a new car, buy a home or even apply for a credit card, your credit score is going to be a major factor in that purchase. Even if you want to purchase insurance, rent an apartment or, in some cases, get a job, knowing what your score is can save you from headaches later. You score is only one part of your credit, however.
What is a Credit Score?
Your credit rating, or score, is a number that credit bureaus use to determine your creditworthiness. There are three major credit bureaus – Experian, Equifax and TransUnion. Companies who issue credit provide the bureaus with information on your balances, payment history, employment, income and residences. This information is then collected in 3 credit reports which are then used to determine a score. The algorithm to create the score is complicated and each credit bureau uses a slightly different method, although all three use five core factors to determine your score. In order of importance, the five core factors include:
- Payment history
- Credit utilization
- Average credit age
- Account mix
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More About Credit Score And Credit Monitoring
Is a FICO Score the Same Thing?
This score is often called your FICO score, which stands for Fair, Isaac and Company, the data analytics organization that developed the score as a measure of financial risk. It is designed to help lenders make accurate, reliable and fast credit risk decisions when you apply for a loan, credit card or other type of credit account. Because each credit bureau uses slightly different information to compile their FICO scores, you want to review your credit score from all 3 bureaus before applying for credit.
Why Monitor My Credit Score?
Monitoring your score is important because it is used for a variety of purposes. Your credit card company may periodically check your credit report to confirm you are continuing to meet your financial obligation. If your score has fallen since they issued the credit card, they can raise your interest rates or lower your credit limit. You can be denied life insurance, an apartment or a mortgage if there is a problem with your score.
3 Credit Reports
One way to monitor your score is to review your 3 credit reports on a regular basis. Information found in the reports is used to determine your score. Usually, the information is sent to the credit reporting company electronically and there can be errors when that happens. You may have an account appear on your credit report that actually belongs to someone with the same or similar name. A creditor may mix your account up with someone else, sending invalid information to the credit bureau. One of the most important reasons for credit monitoring is the prevalence of identity theft today.
Free Credit Report
Recently, Congress passed legislation that allows you to a free credit report every year. This free report may not include your score, but most free credit score programs will allow you to get the score for a small fee, usually less than $10. There are some free credit score programs available that allow you to access your score but only give you limited information about what is in your credit report.
You may ask “if I check my credit score and find a problem, what do I do?” All 3 credit reporting agencies allow you to dispute items you find in your file. Often, you can file the dispute online while viewing your credit score from all 3 bureaus. However, some experts recommend sending a certified letter to the agency that includes documentation regarding why the information is incorrect. No matter how you decide to file the dispute, it can be time consuming and frustrating to get incorrect information removed from your credit report. This is why you should work with credit monitoring companies.
What Do Credit Monitoring Companies Do?
A credit monitoring company will keep a vigilant eye on your credit report. If something unusual appears, they will notify you of the issue to confirm you were responsible. If it was identity theft or an error on the part of the credit reporting agency, the company will handle the disputes and work to get the information removed as quickly as possible. This means you are not searching for documentation, spending hours on the computer or at the post office sending dispute letters and your credit score is protected.
EmployeeandMemberDiscounts.com offers many discounts on credit monitoring. There is never a membership fee and you can sign up at any time. Visit us today to see what options are available in order to protect your financial future today. If you are a business owner or manage an organization and are interested in creating your own discount program, call us today to learn how we can help.