09/17/2020
Anybody like to play games? This credit game is one that can impact your bank account due to your own poor money habits. The example below is shows how credit works. But did you know how it works. Well, the creditors report your behavior on money management to three agencies Equifax, Experian, and TransUnion every month, as soon as you start using other people's money (OPM). They in turn, collect all your data that include your names spelled every way possible, old and current addresses, any legal filings such as bankruptcy, judgement, then they give you a score based on the money spending behavior from years ago until now.
Based on that score when you want to buy something and use OPM first or apply for a job, those people run your credit and then judge you on the Fair Issac Co score aka FICO score from the credit report. This score separates you from obtaining what you want and it also can get you what you want at prices you may or may not even think before reading the fine print on the documents you have to sign. This long wordy document explains how much they will charge you based on your score.
So before you buy or apply for a job, step one apply for your free annual credit report from all three agencies at www.annualcreditreport.com or call 877-322-8228, Read everything on each page and make sure what's on your report is correct and current. You can dispute anything that is not correct on your report and ask for them to remove it. If you need help with understanding this process, call Operation Hope for more information, www.operationhope.org
This credit game is vicious when you don't know the rules on how to play to win. So, don't continue doing the same thing and expecting a different result; make a shift for a better outcome.To recover from a bad credit situation you can do it yourself or get help for a fee. It's your choice. Take time to learn the credit game to win.
Apply just one good practice and that is pay your accounts that you established on TIME, BEFORE TIME and while you are at it, pay more of what you owe when possible.
That's how you start to win. Check mate!
Your Urban Real Estate Connector,
Gwen Allen
Credit Score Conundrum (Nov. 25, 2019)