March is National Credit Education Month so we’re putting the spotlight on products that we feel very strongly about since it can universally help everyone’s credit score.
Plus, they’re free to use and comes from one of the three national credit bureaus.
Why is Your Credit Score Important?
This topic may be repetitive, but your credit score is truly an important 3-digit number in your life. Every major institution uses your score to determine if it’s worth the risk to lend you money, let you open a credit card, let you rent an apartment, let you get that car, and even let you get that smartphone.
That’s why it’s important to keep tabs on your credit score and to regularly check your credit reports for any potential mistakes so you can fix it quickly. Every year, everyone can get a free credit report from each of the 3 major bureaus – Experian, TransUnion, and Equifax. It’s recommended to space it out instead of getting all 3 at once so you can check if there are any issues throughout the year. So for instance, request one report in the Spring, one in Summer and one in Winter.
If you want additional help monitoring, you can use Credit Sesame’s free service to keep track of your TransUnion score.
Deciphering Your Credit Score
The average credit score in America is 703 but it’s also dependent by location and age.
Here are the credit score range rankings:
800 and above = Exceptional
740 – 799 = Very Good
670 – 739 = Good
580 – 669 = Fair
579 or lower = Poor
How do you compare against others in your age range?
Ages 50 to 59 = 706 average
40 to 49 = 684 average
30 to 39 = 673 average
20 to 29 = 662 average
Instantly Boost Your Score for Free
Regardless of what your current score is, it can always be improved.
That’s why more than 1.3 million people have started using Experian Boost™ to give their credit score…you guessed it, a “boost” and for free.
For those who saw an increase, it was an average of 14 points, which is typically enough to get you into the next tier range in some cases. Users may even experience a higher boost but results may vary.
It’s instant because Experian will add your positive payment history from utility and telecom bills to your Experian credit file. This is a huge move, because previously, your gas, water, electricity, TV, internet, and phone bills that you already pay for didn’t affect your credit. By activating Experian Boost™, now it will and to your benefit of potentially increasing your credit score!
Note that this only works if you pay your utility and/or telecom bill via your checking or savings account. This is because you’ll be connecting your online bank accounts (read-only access) to Experian to search for qualifying on-time payments that go back at least 3 months.
So if you use credit cards to pay your utility/telecom bills then Experian Boost™ will not be able to count them.
If for any reason, you don’t like your score after the check, you can choose to remove the boost. Compared to expensive and drawn out credit repair services, this new alternative is the fastest and no-cost way to instantly improve your credit score.
Here’s John Cena to bring it home: