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Do you know what your credit report and score say about you?  Though there has been a lot of talk about these issues, many people still don’t understand how these work together.  A person’s credit score can help them or harm them in financial terms.  A low score might mean that they can’t get a secured credit card or a loan from their bank.  It might even keep them from getting things they need such as a car or household appliances.

There are three major institutions that provide a person with their credit scores.  It’s a good idea to look at your scores from all three places, as they may not all agree on your number.  Those companies are Equifax, Experion, and TransUnion.  Though each one will have a detailed record of your financial history, they might differ slightly as to what your score should be.

Keeping your credit report and score in the higher numbers is as easy as paying your bills on time.  This includes not just your domestic bills, but you bank loans and credit cards bills as well.  Also, paying only the minimum balances on your credit cards may do more harm than good.  The minimum payments usually only cover the interest on the cards and it could take years to get them completely paid off.

Staying on top of your credit report and score could mean the difference between renting a home and owning a home.  When you know your score, and know how to keep it in the higher numbers, you’re giving you and your family a chance at a brighter tomorrow.