Make Friends with Credit Bureaus

bigstock Classical Building 7648449 Make Friends with Credit Bureaus Most people think about credit bureaus as policing bodies.  Not true. While they are in fact keeping track on how you spend your money, this is not with the intention of policing you. The scope of the bureau is rather to protect others from a bad investment. The credit score is meant to be an indicator of your payment habits, not abilities.

When you commission a credit company to sanction a loan it looks up your credit score. This tells the company what is the risk on the investment it is about to make. No more; no less.

You can get more out of the credit bureaus. You can use credit bureaus as a compass in your financial life. There are three credit bureaus and each gives one free credit report per year. If you make use of this benefit, you can have a credit report every quarter and use these to guide you in your financial decisions.

Source:   Make Friends with Credit Bureaus

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