A Healthier U - Drexel University

Credit Score & Monitoring Profiles

Responsible financial choices are an integral part of overall wellness. Building a strong credit history is important, but knowledge is crucial when it comes to maintaining a good credit rating.

A credit score offers lenders a snapshot of one’s credit risk portfolio and provides an indication as to how an individual manages his/her credit. Today, good credit is needed for a variety of reasons, including: renting an apartment, buying a house, financing a car, paying tuition or even signing up for phone and cable services.

The three leading credit bureaus - Equifax, Experian and TransUnion – offer one free credit report to individuals each year. These companies compile credit reporting data from many sources and create a credit file that reflects a personal credit history.

For more information on this service and to request a free annual credit report, visit www.annualcreditreport.com.

Improving Your Credit Score

Your credit score is an indication of risk that you present to a lender. A higher credit score means that you are a good financial risk. Higher credit scores can yield lower interest rates which will save money over time, and will impact one’s ability to obtain larger dollar items like cars or homes. Credit is becoming increasingly important and some employers even check credit prior to extending an offer as a means of measuring financial responsibility. It is therefore your responsibility to know as much as you can about credit. MyFICO provides the basics and tips for improving credit. For a minimal cost you can even get the details on your score to understand the positive and negative influences affecting your score.