{"id":2737,"date":"2022-05-06T10:53:42","date_gmt":"2022-05-06T14:53:42","guid":{"rendered":"https:\/\/www.consumerslaw.com\/blog\/?p=2737"},"modified":"2022-05-06T10:53:42","modified_gmt":"2022-05-06T14:53:42","slug":"take-control-of-your-credit","status":"publish","type":"post","link":"https:\/\/www.consumerslaw.com\/blog\/take-control-of-your-credit\/","title":{"rendered":"Take Control of your Credit"},"content":{"rendered":"

\"\"Understand credit scores and credit reports<\/strong><\/h3>\n

Credit is part of your financial power.\u00a0 It plays a crucial role in enabling us to get the things we may need or want, such as homes, vehicles or educations. However, many consumers don\u2019t take an active role in managing and monitoring their credit scores or credit files. There is a common misconception that your \u201ccredit score\u201d is your credit report.\u00a0 It is important to understand the difference.<\/p>\n

\"\"What is a credit score?<\/strong><\/h3>\n

A credit score is a number that predicts how likely you are to pay back a loan on time.\u00a0 Information that appears on your credit report is used in a scoring model, which is a mathematical formula, to create the score. Depending on the specific data used to calculate a score, the actual credit score number can vary from one scoring model to another.\u00a0 Most credit scores range from 300 \u2013 850.\u00a0 Higher scores make it easier to qualify for a loan and may result in better terms, such as interest rates and length of the loan.<\/p>\n

Seeking Credit<\/h3>\n

When consumers seek credit, whether it be for a mortgage, auto loan, credit card, or another type of credit product, the lender will request access to the consumer\u2019s \"\"credit and obtain copies of his or her credit reports and credit scores.
\nThis information will assist the lender in determining whether to extend credit, and\u00a0if so, the interest rate on the loan or credit card, and the credit limit.<\/p>\n

Here are some guidelines that may help you to get and keep a good credit score<\/strong><\/p>\n