It’s everywhere. From buying a car or house to earning miles to be used on airlines or cruise ships, credit has become a part of everyday life. While most reward offers have a tagline of “upon approved credit” and limit the best offers to those with only the upper tier of credit scores, it is important to know what your credit score is and means and how it can be improved and maintained.
Where figuring out your credit score, it is important to note there are multiple different credit scores that are available. When enrolled in PrivacyArmor® you will be given your TransUnion Transrisk score which has a floor of 350 and ceiling of 850, which matches the most commonly used FICO score. Scoring fluctuations with your Transrisk score follow similar rules to your FICO but your FICO also takes into account an Equifax and Experian score1. Knowing the range of the score you are given is important when evaluating your score.
Once you know your score, learning what can change your score can be invaluable in protecting your financial wellness. Not only does the number of credit accounts factor into a credit score, but the length of time each account has been open, the amount of debt and payment history2.
In addition, tracking your credit through your credit report can help to find any instances of potential fraud against your credit or other potentially damaging issues.
As you gather information around your credit file, you can see what has positively and negatively affected your credit score to be able to keep your credit score trending upwards. This allows for lower interest rates on loans, better offers on credit cards and potential savings on mortgages and other larger purchases.
As part of PrivacyArmor, you will have access to CreditArmor® which helps to monitor and understand your credit accounts and scores and it will alert you if any potentially damaging items arise. For more information, visit MyPrivacyArmor.com