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Credit Score
What It Is and How It Affects Your Financial Future
By Debra Weaver
What about the television and radio ads promising to "Be debt free, improve your credit in 90 days"? Be wary of firms making this kind of promise. "Most companies making this statement can do more harm than good," Bour says. Stick with a reputable company like The American Consumer Credit Counselors (www. consumercredit.com).
Identity Theft"Identity theft is the No. 1 consumer complaint," Bour says. "There is no way to know you've been a victim except to check your reports frequently. You certainly don't want to find out about errors by getting turned down for credit because someone has stolen your identity and is running up your credit card balances!"
"There are three major credit reporting agencies: Experian, Equifax and Transunion," Bour says. "These three agencies receive a continual flow of information from many different sources, from mortgage and credit card companies to government agencies and courthouses. Not every creditor reports the identical information to all three bureaus, so that is why your credit scores can differ, sometimes as much as 100 points." So check all of them and correct any errors as soon as possible.
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