Knowing your credit history is a great place to start before getting a loan. Your credit history can have a huge impact on the terms of your loan. It is important to check your credit report regularly for your own financial well being.
Few people understand the impact a credit score can have in an individual’s life. A high score can mean a lower rate for a bank loan while a low credit score can result in more expensive insurance premiums. Not only is it important to understand your credit score, but it is also important to understand how to improve your credit score and reap the advantages of good credit.
First, the basics. Creditors have been using credit scoring systems to determine if people are a good credit risk for some time. Today, many businesses, including insurance companies, phone companies, and employers use a person’s credit score to determine if a product, service, or employment offer should be provided.
Credit scoring systems are complex and vary among creditors and businesses. Essentially, information collected from an individual’s credit report is put through a statistical program that compares that specific information against consumers with similar profiles. The program identifies all characteristics that relate to risk and generates a number which represents a credit score.
The higher your credit score, the less of a risk you are considered to be. So, the higher the score, the better. The scores generally range from 300 to 850.
You can obtain your credit score from any one of the three national consumer reporting companies. They are allowed to charge a reasonable fee, typically around $8, for the score. Since your score is comprised of information from your credit report, you need to ensure that your credit report is accurate.
If your credit score is low, or you just want to make sure it stays high, follow these steps to improve or maintain your score:
If you find inaccuracies on your credit report you should:
The agency generally has 30 days to investigate your complaint. For more information about your credit history:
Check your credit report here.
Lost or Stolen Debit Cards: 1-800-754-4128
Your privacy is very important to us. We would like to advise you that Internet email is not secure. Please do not submit any information that you consider confidential. We recommend you do not include your social security or account number or other specific identifying information.
You are leaving DeWitt Savings Bank's website and linking to a third party site. Please be advised that you will then link to a website hosted by another party, where you will no longer be subject to, or under the protection of, the privacy and security policies of DeWitt Savings Bank. We recommend that you review and evaluate the privacy and security policies of the site that you are entering. DeWitt Savings Bank assumes no liability for the content, information, security, policies or transactions provided by these other sites.