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What Is Your Credit Score And Why Is It Important
What Is A Credit Score?
To dispel the first myth, you don't have a single credit score, you actually have 3 or more credit scores! This is because there are three main credit reporting agencies who each have their own slightly different models for calculating credit. The main agencies are Experian, Transunion, and the infamous Equifax. If you are not aware of the Equifax breach, you can read up on it here, and you should also freeze your credit as soon as possible! I grew up listening to Clark Howard, and he has the best resources on how to freeze your credit. Check them out below.
These institutions make their money by selling your financial information to companies over and over again. They calculate your ability to payoff a credit card, car loan, student loan, mortgage, or any other type of loan. The higher your credit score, the lower the interest rate you will pay on the borrowed money. So how do you get a high credit score? Pay all of your bills on time,...
