Credit & Credit Score Basics
Credit scores are a vital component of financial health! Before you worry about needing credit repair, let’s review some basic terms.
Investopedia defines a “credit score” as “a number between 300–850 that depicts a consumer’s creditworthiness.” The goal is to have a higher score so you accredit yourself as a reliable loan recipient to potential lenders.
A couple of things can affect your credit score:
Tackling Credit Repair
How do you know if you have a good or bad credit score? Start by staying informed. Legally, you are allowed to receive a free credit report from the three major credit reporting agencies once every year. Those agencies are: Equifax, Experian and TransUnion.
This is also a great question to ask your REALTOR® who can help connect you with a lender if you don’t already have one.
If you know you need to improve your credit score, let’s talk about a few straightforward ways you can begin to repair it (Also, read: 4 Ways to Improve Your Credit Score).