Credit score

New tools to help your credit score

INVESTIGATETV – A good credit score is essential to your financial health.

When you apply to rent an apartment, finance a car, or borrow money, lenders look at your credit reports and credit scores to determine your eligibility.

Many credit card companies provide free credit scores to their users. If not, the Consumer Financial Protection Bureau provides information and resources on free and paid methods to find out your score.

According to Credit.org, credit scores can range from 300 to 850, with a good score being 680 or higher.

If you’re just starting out and have no credit history or your score is below 680, you have a few options.

Experian Boost takes into account bills that you pay on time and that are not normally added to a credit report.

Rod Griffin, senior director of consumer education and advocacy at Experian, said even something as simple as streaming a movie can now indirectly help your credit.

“It can help you add your positive cell phone payments,” Griffin said. “Your positive utility payments even your streaming services like Netflix to your credit report which could help improve your credit scores.”

Historically, cellphone companies and utilities did not report positive information, they only reported accounts being collected. But with this product, you can get credit to keep your account in good standing.

UltraFICO works much the same as Experian Boost by allowing lenders to see positive activity in your bank account, including how much money you have in your accounts, how long you’ve had those accounts, and how you use them.

Raising your credit score to 680 and beyond will make it easier, and usually cheaper, to borrow money.

Copyright 2022 Gray CDC. All rights reserved.