Fact or Fiction: Credit Report Score

Fact or Fiction: Credit Report Score

Belief:  The most important part of my credit report is my score

Response:  Fact

Everything contained in your credit report is important and personal to you.  In addition to the names of your creditors and the balances that you owe them, information contained within your credit report includes your Social Security Number, your date of birth, your home address, and your place of employment.

You should monitor your credit report regularly, if for no other reason than to ensure accuracy.  The information that everyone, from a potential lender to a potential employer, will look at with the most interest, however, is your score.  Today, in our quick answer-immediate response world, your score is the single most important factor in determining whether or not you will be approved for that loan or, in some cases, be granted a job interview.

There are many scoring systems, at least one for every credit bureau, but they all have one thing in common.  The higher your score, the better off you will be.  Your cost of borrowing will be lower and your options will be greater.

Scott Arney
Chief Executive Officer
Chicago Patrolmen’s Federal Credit Union

Don’t forget, members of the Credit Union enjoy free and confidential Credit Counseling and Financial Planning through our Financial Planning and Education Center. We are here to assist you every step of the way.