Okay, GirlMoguls, it’s Lily here with a follow-up Financial Literacy Lesson (FLL) for you! So remember how we discussed credit scores? They were those scores that you get to rate your credit and is based on a variety of factors. Although we may have thought that that was the end of credit scores, we aren’t quite finished yet.
Now that we know what credit scores are, we have to find out how to measure them and who measures them. I did some digging to find out. It comes down to three main companies who track this kind of stuff. Their names are Equifax Credit Services, Trans Union Credit Information Services, and Experian. They are all credit card bureaus, and they give all of your credit information and score to other companies that need it, like credit card companies, cable companies, and lending companies.
These companies don’t just provide a score, however. They give your information in the form of something called a credit report. A credit report includes all of your personal information, including your name, address, and employer. The forms also include your credit history, that record we talked about before; this includes the bills you pay (except your rent and utilities), your car loans, your student loans, and any other kind of credit you have. Public records appear on this credit report too, which means any kind of tax issues, court rulings, and bankruptcies. Lastly, these companies include a list of public inquiries, letting you know exactly who has been requesting all of this other information. And remember, the higher the score the better! Okay girls, over and out!