Your credit score is part of the seemingly magical recipe that determines your interest rates on loans, your insurance premium, and sometimes your hiring decision. Once a guarded secret, your credit score is now available for FREE through many sources. Sites like creditkarma.com provide your score for free!
Many credit card companies are providing credit scores on a regular basis on their statements as a way of creating value and keeping consumers informed.
So, when a service suddenly asks for your credit card number to get your score, or you receive an email providing a link that asks for personal information to get your score--be wary. Many will nearly copy a legitimate site so read carefully. If you're skeptical at all, or if it's right after a large or national breach, call your providers or type in their website URL yourself to make sure it's real.
Why is it important to have a good credit score?
It’s extremely important to make sure you maintain a good credit score. Credit scores range from 350 to 800, with 700 being a "good" score. Having a good score means you’ll get lower rates on loans, and you’ll have a better chance of being approved for loans. Getting the best rates means you’ll save money on monthly loan payments. So you’re rewarded for having good credit!
Want more information? Read about how your credit score is calculated here!
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