What you don’t know about credit scores could hurt you
News from msnbc.com:

Paul Sakuma / AP

A bad score could cost you a job or a loan. That’s why it’s so important for you to understand how credit scoring works.

By Herb Weisbaum, The ConsumerMan

Your credit score, which is based on your credit history, can have an enormous effect – positive or negative – on your life. That score is used by employers, lenders, landlords and insurance companies. A good score could save you thousands of dollars a year in interest. A bad score could cost you a job or a loan. That’s why it’s so important for you to understand how credit scoring works. 

A new surveyby the Consumer Federation of America (CFA) and VantageScore Solutions shows overall knowledge about credit scores has improved significantly in the past year. But the results also make it clear there’s still a long way to go.

Many consumers still need to learn about what scores represent, how to get access to them and how to improve them,” notes CFA’s executive director Stephen Brobeck.

Fewer than half (44 percent) of those surveyed are aware that a credit score typically measures risk of not repaying loans,…………… continues on msnbc.com

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Related News:

Weird ways to ruin your credit score
News from Central Florida News 13:

You can ruin your credit score by not paying your bills on time, but that’s not the only way to hurt it.

It turns out there are a lot of unusual ways you can hurt your credit score without even realizing it.

U.S. News and World Report published its list of “weird ways” you can hurt your credit score.

Here are some of the top offenders:

1. Closing a credit card

It may seem backwards, but closing an older credit card can actually damage your credit, because it drops your overall credit limit.

2. Unpaid tickets

Parking and speeding tickets that you haven’t paid are considered debts to the government, and not paying them could cause you to be turned over to a collections agency.

3. Unpaid library fines

Some libraries are so cash-strapped, they are going after offenders for overdue books, even if they only owe a few dollars.

4. Not filling out a moving form

When you move, be sure to report your change of address to the U.S. Postal Service. Not doing so will prevent you from getting mail sent to your old address, and that may include credit card and utility bills.

5. Asking a banker friend to check your credit score

It may seem like no big deal to ask a friend who works at a bank to check your credit score for free, but that will lead to a hard inquiry…………… continues on Central Florida News 13

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