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Financial Wellness: Your Credit Report


Credit scores range from 300 (worst) to 850 (best). Credit scoring is a system creditors use to help determine whether to give you credit and how much to charge you for it. The information in your report is yours to know, but you must ask for it. Consumer reporting companies must tell you everything in your report, as well as all the individuals who have requested it.

There is a lot of information on your credit report, including where you live, how you pay your bills, and whether you have been sued, arrested, or filed for bankruptcy. Consumer reporting companies sell the information in your report to creditors, insurers, employers and other businesses with a legitimate need for it. They use the information to evaluate your applications for credit, insurance, employment, or a lease. Having a good credit report means it will be easier for you to get loans and lower interest rates; lower interest rates usually translate into smaller monthly payments.

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