Why Monitor Both Your Credit Scores & Reports?
This segment of Credit FYI is brought to you by FreeScore.com.
I had a discussion recently with a young man named Mark, and Mark is searching for a credit monitoring service. His question to me was should he be monitoring his credit score or his credit report, or both. And you know, the answer to this question is very simple. You need to monitor both. Your credit report contains a variety of information that is used to calculate your credit score. Your credit score is then critically important to lenders, insurance companies, landlords – all kinds of credit institutions. But it's important to remember that you need to monitor all three, because each of these credit bureaus use different proprietary formulas when they're calculating your credit score. Beyond that, you need to make sure that you're monitoring your credit reports to be sure that the information is accurate, because again, this information is used to calculate your credit score. Bottom line from Credit FYI: make sure you're monitoring both your credit scores and your credit reports.
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Duration: 2 minutes
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