Credit Scores, how much do you know?

FRONTLINE -- Credit Scores, what you should know about them: The vast majority of Americans don't know their credit score -- or even how to find out what it is. A July 2003 survey commissioned by the Consumer Federation of America found that only 2 percent of Americans said they knew their credit score. And only 3 percent could, unprompted, name the three main credit bureaus. (Malgorzata Wozniacka and Snigdha Sen)

With credit scores affecting everything from whether you can get a loan to purchase a house, to how much you pay for car insurance, to what rates you pay on your credit cards, credit scores are undoubtedly an important and vital part of a persons financial world. A good credit score will help you move through life smoothly; a bad score may well cause you to stumble and fall.

For Millenials who are only now taking our first steps into the imposing world of finance and credit, it is vitally important that we start our on the right foot. Building a good credit score now will save untold amounts of work in the future.

However, with so many predatory lenders, liars, outright thieves, and con-men out there, how can you know what is actually happening to your credit? Many people make promises, but how many of them actually deliver? Furthermore, with the recent instability in the White House, and the drive to deregulate 'big business' I believe that it is foolish to trust that the government will protect our rights.

The answer is, as always, to become informed. Learning how various actions affect your credit, and more importantly, how to take the right ones, is an invaluable tool in running your financial life smoothly.

Did you know that a missed payment on ONE credit card may trigger a chain-reaction, causing ALL of your credit cards to switch to their default rate?

There are many such traps and pitfalls out there, and the best way to avoid them is to know what they look like. I hope that you find the resource helpful, it not only offers free advice on how to get a free credit report, but also a chance to find out much more about the warped world of credit.

http://www.debtfixonline.com/

If you have any more questions, please post here, or contact me via the email available on the website.

I also HIGHLY reccomend watching or reading the full documentary by Frontline, titled "The Secret History of the Credit Card."