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According to a recent Money Tips survey, almost 30% of Americans don't know their credit score. Of those surveyed, nearly 35% hadn't checked their score in over 6 months. Scores can change often and quickly, so even those who said they did know their score likely DIDN'T if they hadn't checked within the last 6 months.
When those who said they don't check their scores often were asked "why not?" 50% said it was either too much of a hassle or they didn't know how to easily check it, and 17% thought it would lower their score to look. Resources like Credit Karma and Mint.com allow you to check as many times as you'd like for FREE and with no effect to your score. The other 33% who don't monitor their scores frequently said they feel like it doesn't seem very important to do so. Let us tell you why it IS...
Your credit score affects what interest rates you get on loans, what your insurance rates will be, what credit cards you qualify for and more. Even if you aren't in need of credit right now, you want to monitor your score at least once a year to make sure there are no mistakes, which can affect you in the future when you decide you do need credit. If you are planning on getting a loan or mortgage, Credit.com suggests you monitor your credit score at least once a month (and so do we). If you check your free credit report and find yourself on the low end, at least now you know you need to improve your credit score.
Topics: Credit Score