Why Do I Need to Know All Three Credit Scores?
"Why do I need to know all three credit scores?" is a valid question. The answer provides even more information that you'll want to know, since it holds the key to understanding many different facets of managing credit. In addition, with credit scores having an influence on your potential employment, the interest you pay on loans, and many other important factors, here are some very good reasons why you need to know all three credit scores:
- It's up to you to manage your credit.
There are companies that will help you monitor your credit scores and reports, but managing your credit is your job, and no one else can do this for you. Your name is at the top of each report; therefore, you're the one who will reap the benefits of good credit scores or suffer the consequences of poor ones.
- Mistakes on credit reports can negatively affect credit scores.
Mistakes on credit reports that negatively affect credit scores are more common than you think! With so many machines transferring financial information back and forth each day, it's almost inevitable that most people will have a mistake appear on their reports at some point.
- Your credit scores can affect your employment opportunities.
Many employers will check out an applicant's credit scores to get an idea of how responsible the applicant is. Potential employees with good credit represent a better risk for investing the necessary time and money in regard to training, responsibilities, cash handling, etc.
- Credit reporting agencies are competing against each other.
You may not know this, but each of the credit reporting agencies are competitors that don't share information with each other. Therefore, credit information that could potentially improve your credit scores may or may not appear on your credit report.
- Checking your credit scores can help you uncover an identity theft incident.
Lenders don't report credit information to all three credit reporting agencies, so if you're a victim of identity theft, you may not be able to see it by only seeing one of your credit scores. Credit scores always vary somewhat, but if one of your credit scores is much lower than the other two scores, you'll want to look deeper to see if there are problems that need to be addressed through the credit bureau that gave you the low score.
You need to know all three credit scores for the reasons listed above and many more. Besides, since these credit scores are so important to your finances, don't you want to know all three credit scores? Of course you do. There are a few different ways to get your credit scores. You can apply to TransUnion, Equifax, and Experian individually for your scores, or you can sign up with a professional credit-monitoring agency that will get the credit scores for you and provide several analytical tools and other features to help you manage your credit. Either way, you definitely want to see all three credit scores on a regular basis to stay on top of your credit.
Read More About Credit Scores
- Your Credit Score: How Your Credit Cards Influence It
- The Relationship between Credit Scores and Age
- Credit Scores vs. FICO VantageScores
- Why Each Credit Bureau Has Its Own Credit Score
- Medical Bills Don't Have to Ruin a Credit Score
- Chapter 7 or 13 Bankruptcy Can Affect Credit Scores
- A Credit Score Estimator Can Be a Valuable Financial Tool
- Ordering Your Credit Score From a Credit Bureau
- What is a Bad Credit Score?
- Factors That Damage Your Credit Score
- Who Has the Right to Check My Credit Score?
- What Is a Good Credit Score?
- Credit Score Myths
- How Credit Scores Are Calculated
- Why You Need to Know All Three Credit Scores
- Store Credit Card Application Could Damage Your Credit Score
- What Are the Three Credit Bureaus?
- How Credit Scores Affect Insurance Premiums
- Student Habits That Kill Your Credit Score
- International Credit Score
- What A Credit Card Balance Does to Credit Scores
- How a HELOC Affects Your Credit Score
- Medical Credit Score
- Your Credit Score May Be Worse Than You Think
- FICO - What is Coming in 2009
- Credit Score Ranges
- Five Parts to Your FICO Credit Score
- How Corporate Cards Affect Your Personal Credit Score
- Who Wants to Know Your Credit Score
- Credit Rating - How Your Credit Gets A Score
- Credit Line and Your Credit Score