Staying on Top of Your Credit Rating
John Ulzheimer on keeping your FICO score in check
- Duration 4:24
- Date Aug 15, 2011
John Ulzheimer on keeping your FICO score in check
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We're certainly experiencing times of economic uncertainty and during the time like that it's particularly important that you pay attention to your credit score.
An annual credit report is free you have to pay for your credit score though but it can be worth it.
But did you know their credit agencies tabulate your -- work differently.
And sometimes the score you'd get.
Could be wildly different from the score that they are actually reporting to -- lender are you might be applying to or even an employer.
A look now at how you can stay on top of your credit and know -- real score.
It's part of our ongoing series take charge John alzheimer's is president of consumer education for smart credit dot com.
When this came to our attention we just couldn't believe it is it true.
Across the board that you can get a wildly different number.
Yeah it absolutely history Jamie what that the newly formed consumer financial protection bureau just finished a study a couple weeks ago a bit found.
That the majority of the credit scores that are being sold to consumers through web sites to television ads and such.
Are not the same scores at the same agencies are selling -- that banks and the insurance companies and auto lenders democratic part of -- so the issue is is that.
What we're seeing is not connected necessarily reflective of what a wonder seeing and -- and many cases can be wildly different and very misrepresented and.
It is a one billion dollar business both selling credit reports which everyone should know you can get one credit reporting here for free and selling these credit scores.
Why is it important for you to get your credit score especially in these times and where do you go to get the real deal.
While your credit stories this.
Actually you're credit worthiness DNA.
-- other than our cholesterol number it is the second most important number in our life -- follows us for fifty years every lender uses it every insurance companies that.
You've got to have good credit.
The credit -- you wanna be approved for financing -- aggressive brakes in terms it's just it's just that simple.
If you want to get your real score.
The best place you can get it is through fight goes website -- is the company -- created a credit score so you lot of will go directly to the source and their website to see if I can dot com MiFi -- dot com.
There are a variety of other web sites that -- sports but they're not the same ones that -- are using so the take way for consumers as.
You've got to be aware of it which -- buying may not necessarily be what the lenders actually seeing when you apply for something.
Fight though is F five CEO for folks -- -- she said FICO dot com or might fight go dot com.
Our employer still allowed to pull your credit score when they're trying to determine whether or not -- -- risk to hire.
Yeah employers are not actually allowed to see the credit score that they are in many states allowed to see the credit report.
So they do get to see the same date that.
That the -- overseas but that the the big disconnect there is that they do not have the ability to seat a three digit number that summarizes that information and so.
You don't even though you hear this periodically it's not actually true that consumers are losing jobs or cannot get jobs.
Because of -- credit score but what is street Jamie is that people in many cases cannot get jobs because of the information on their credit reports -- -- -- might say you didn't pay a bill when you were supposed to John before we go what's the decent credit score and is there any way if you don't get the one you need that you can improve it.
Yeah I object that's a very easy question -- -- sixty is the new black.
If you wanna be somewhat immune to the credit crunch that you really need to have 765 count at all three of the US credit reporting agencies and the best way to get there.
Should -- most people tell you pay your bills on time that's a no brainer.
The number two way to keep that credit -- highest possible -- get that credit card debt below 10% of the credit limit or eliminate it completely out as most actionable away.
To get that credit score as high as He possibly can and a very short period of time.
You know -- also -- I've been doing this for about four months -- I think is probably the most helpful segment especially to people right now we're just trying to get their finances in order thanks so much for being with us.
Thanks for having me.
You can get a lot more of -- take charge segments on a number of consumer protection issues go to foxnews.com.
And click on the America's News HQ page just look for the link.
And you'll see take charge it will have many of this program's consumer protection segments -- thanks against John -- such a great service -- credit score great segment and -- --