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Protecting Your Credit Score

Ron Pepka

Ron can be described as the “Rock” that every successful business needs...

Ron can be described as the “Rock” that every successful business needs...

May 7 2 minutes read

Planning to buy? 

Be sure to protect your credit score.

Whether you’re thinking about buying your first home or your next home, your credit score will play a huge role in determining what kind of mortgage rates are at your disposal. That’s why it’s vital to keep your score as pristine as possible throughout these unprecedented economic times. If you’re having trouble paying your bills, follow these tactics to keep your credit score protected.

1. Contact Your Lenders

There’s nothing wrong with asking your lenders for help in your time of need. In fact, some may already have programs in place to help individuals affected by the downturn. See how the Consumer Financial Protection Bureau recommends discussing these issues with various types of lenders.

2. Know ALL of Your Accounts

Between student loans, car loans, mortgages, credit cards, and all the other lines of credit at your disposal, it’s sometimes hard to remember all of your accounts, but nothing could be more important. Knowing your accounts, and their statuses, is the only way to know if someone opens or closes an account without your consent.

3. Monitor Your Scores

That's right, "scores." There are three different credit bureaus (Experian, TransUnion, and Equifax), each with their own scoring system. Different lenders trust different bureaus, so it's important to know where you stand with each of them. 

4. Read Your Reports

While scores are a great gauge of your credit, reports are where you’ll see all the information each bureau uses for their calculations. By keeping a close eye on your reports, you’ll be able to address any suspicious activity before it gets out of hand.

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