What your credit score says about you

November 8, 2016

 Your credit score says a lot about who you are.


To someone who can read a credit report it can show hard times in life, just by looking at things like the history of your payments, and credit lines opened. 


Having a good credit  score, is  the difference between getting a car and not having to pay tons of money in interest. 


It could mean getting a home when you are ready, or getting a business loan to start your future business. 


Your Credit score is what tells banks or lenders what type of an investment risk you are.

 

Credit is really important and there are people out there every day trying to steal your identity and ruin your credit. 


Valerie Holland, a former student at EPCC recently had an issue with identity theft, because she bought merchandise online. 


Holland said she noticed unauthorized charges on her account at first, and then she received a credit report from her bank and noticed that there were several inquiries on her credit report. 


Which means someone else was pretending to be Holland, to open new credit lines. 


“It was scary for me because they had all my information, it feels like a total violation of my privacy” says Holland. 


Credit scammers are really good at stealing or getting information to steal your identity.

 

They do it by hacking email accounts or calling over the phone pretending to be companies you do business with so you give them your personal information.


What steps can be taken to avoid Identity theft? 


According to the Federal Trade commission, you can set up credit alerts, and safe guarding your information is crucial. 


Try to change your passwords frequently, and don’t use the same one for all your accounts. 


If someone has hacked your identity you can contact the major credit reporting agencies and place a fraud alert or a freeze on your credit, to make sure no one can open new accounts without authorization.

 
You can get more tips on the Federal Trade Commission’s website https://www.ftc.gov/.

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