Credit is essential for borrowing money. Your credit
worthiness is rated by the three credit reporting agencies and FICO. The scores
represent the likelihood that a person will repay their loans, and it’s
determined by a person’s borrowing history and other variables. Below are
answers to frequently asked questions about credit, credit reports and credit
scores. If you have additional questions, don’t hesitate to contact our Finance
Department.
I have
bad credit, what should I do?
If you have less than perfect credit, don’t fret; you’re not
alone. Millions suffer from bad credit because of a variety of reasons. To
improve your credit, start by getting reports from all three reporting
agencies. This will shed light on what exactly is impairing your credit. Credit
reports may contain inaccuracies that you can correct to help get your credit
back on track. Paying down high balances and paying on time will go a long way
to improving your credit.