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You've probably seen all the commercials with catchy songs offering free credit reports and free credit scores. Why the big fuss? Why the big interest in credit scores and credit reports?
To understand the importance, you need to get copies of your credit report and credit scores. Let's start with your credit report first. You can get your free annual credit report from the government. The government allows you to request credit reports from the three major credit reporting agencies each year.
You need to complete the rest of your credit profile by getting your credit score. Next, you need your credit score. There's not a similar Federal program that allows you to request an absolutely free credit score. The easiest way I know to accomplish this is to sign up for a free credit monitoring trial service.
Now that you have your credit score it helps to understand what a good credit score is. With FICO scores, 300 is bad and 850 is perfect. The higher the score the better. From 740 to 850 you will have the best credit score and qualify for the lowest interest rates.
There are many benefits to having a good credit score including the lowest interest rates whenever you borrow money from a bank and possibly job promotion and low insurance rates. This is why your credit score is important.
Your score is determined by the information in your credit report. You need to ensure the accuracy of information in your credit report to achieve a high credit score. Check your credit reports from each different agency every four months and correct any errors you may find. That way you can save money on all the financial products you use.