Chapter 4
Everything Credit: Scores and Reports
IN THIS CHAPTER
Understanding and obtaining your credit reports and credit scores
Improving your credit score
Protecting yourself from identity theft
You may not have given much thought to your credit report and may not know what your current credit score is. If you find yourself in that boat, I want you to pay special attention to this chapter. You should care about your credit report and credit score because lenders universally use credit scores to predict the likelihood that you’ll repay a loan, and they’ll generally only offer you a loan after they’ve reviewed your credit details. And you will only qualify for the best loan terms (lowest rates) if you have a high credit score.
Building good credit and a high credit score takes some time and effort. And even if you’re happy renting an apartment and have no plans to apply for a business loan, you should pay attention to building good credit, which I detail how to do in this chapter. There’s no way you can know now what loans or credit lines you may want or need 5, 10, or 20+ years down the road!
If you already have a good grasp of your credit report and credit score, congratulations. ...
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