News | WyoCentral Federal Credit Union

HOW IMPORTANT IS YOUR CREDIT SCORE?

Thursday, April 10, 2008

Your three-digit credit score is tied to your financial life yet you may not give it the attention it deserves. It's not just lenders who check your credit score but often times auto insurance companies, landlords, employers and cell phone carriers may pull your report as well. It's easy to see why a bad score will cost you.

There are three major credit-reporting agencies - Equifax, Experian, and TransUnion - who rate your risk for assuming debt based on your credit history. The result is known as a FICO score. These scores range from 300 to 850 and each credit bureau may assign you a different score, based on the information it receives from creditors. A median score usually falls in the 720 to 725 range, so you want to aim for the mid-700's to make the best impression on those who control your financial future.

If your credit score is not where you'd like it to be, consult a Wyo Central Federal Credit Union loan officer. They will be glad to give you some suggestions on improving your credit score.

You may receive a free copy of your credit report by visiting the web and requesting one at www.creditreport.com or by writing to Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281, 1-877-322-8228. A copy of your FICO score is available at www.myfico.com.

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