Where You Stand
So what is a credit score and why is it so important? From wikipedia, A credit score is a numerical expression based on a statistical analysis of a person’s credit files, to represent the creditworthiness of that person. A credit score is primarily based on credit report information, typically sourced from credit bureaus. So banks, credit card companies and other financial institutions would use this score to evaluate the potential risk posed by lending money to consumers. This is not limited to banks but other companies as well such as mobile phone companies, insurance, real estate and etc. They’d also based the credit limit, possibly money to be loaned and the interest rate on this score. So it’s important that you know your score to see where you stand and what you can do to improve it.
Checking for various financial institutions for your credit standing can sometimes be tedious and stressful but with the advent of technology and the power of the world wide web, there are now established companies online that offer services like instant credit score checks and when I say instant I literally mean instant like in just a couple of seconds. The wonders of technology and best of all they’re offering it for free!! Back in the old times services like this could take a couple of days, business days to be exact and would certainly come with a fee but now … its for free, so what are you waiting for? Go check credit score to know where you stand and do what needs to be done should you fall below what’s considered good credit standing.
