National Credit Education Month | Mishawaka-Penn-Harris Public Library 

National Credit Education Month

National Credit Education Month

National Credit Education Month is the perfect opportunity for you to check your credit report for accuracy.


There are three major credit reporting agencies that monitor everyone’s credit: TransUnion, Experian, and Equifax. Everyone can view their credit reports for free once every year for each of these agencies through annualcreditreport.com. These credit reports will show your credit history.


Credit history is made up of several factors including, but not limited to, the length of your credit history, payment history, amounts owed, and types of credit. All these factors combined can also be given a numerical value, and that is called a credit score.


Credit scores can range from 300 to 850, depending on the reporting agency, with the highest scores being the best. These scores are used by loan agencies when they decide whether to let you borrow money – especially for large amounts, such as for a car or a house. Credit scores are not available with the free credit history reports, although it is something you can pay to see.


There are several actions to take to increase your credit score, although it will take time. Decreasing the amount of total debt owed, showing a pattern of reducing debt, and not making any late payments will all help improve your credit. Be patient and consistent!

To read more about these credit education facts, or just about finances in general, take a look at the books in our National Credit Education Month booklist.

 

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