Get To Know Your Credit

Credit History

If you are a college student, now would be the time for you to become familiar with your Credit History.  If you are a non-traditional student you may already be familiar with your credit history.  This section will provide you with the tools and resources you need to take control of your credit, debt, and the rest of your financial future.

Your credit history is a record of your debts and demonstrates your responsibility in repaying those debts.  It contains information such as: the number and types of credit accounts you have, how long each of those accounts have been open, the amount owed to those accounts, available credit for use, whether your bills are paid on time or not, and the number of inquiries from creditors.   It also contains information regarding bankruptcies, liens, judgments, and collections.

Creditors like mortgage lenders, credit card companies, and dealerships use this information to decide whether to grant credit to you the consumer.  Furthermore, this information is also used to calculate your FICO score or credit score.  Therefore take your time, choose wisely, and get the facts before making a decision that could affect your future.


Credit Score

FICO is an acronym for the Fair Isaac Corporation, the creators of the FICO score.  That means it is a type of credit score that makes up a substantial portion of the credit report that lenders use to assess your credit risk and if they should grant you a loan or a credit extension.

 Your FICO score is based on five areas of your credit to determine your credit risk assessment:

  1. Your payment history
  2. How much money you already owe
  3. The types of credit you use regularly
  4. The length of your credit history
  5. Newly established credit.

Your FICO score can range between 300 and 850.  If you’re FICO score is above 650 it is a sign that you have a very good credit history.  If your FICO score is below 620 you may find it difficult to obtain financing from creditors that maybe to your satisfaction.

Please visit Ed Financial Services for more information on:

Understanding Your Credit Score


Credit Reports

Your actual credit report is a detailed report of your credit history, it is prepared by the credit bureau and it is what creditor’s use to determine an individual’s creditworthiness for home buying and renting and even eligibility for employment.  Your credit report contains the following information:

  1. Personal data: current and previous addresses, SSN, and employment history.
  2. Credit Summary: number, type, and current status of accounts.
  3. Account information:  creditor’s name, address, and contact information.
  4. Credit inquires: number and type of inquiries by other creditors.
  5. Turned over accounts: liens, wages garnishments, collections, and bankruptcies.
  6. Information on how to dispute any of the above information.

Once negative information appears on your credit report, there is little you can do to clear it up if the information is truthful and accurate. Generally such information remains on your record for about seven years, while bankruptcy filings typically remain for about 10 years. Stand apart from the crowd and break the code on credit, so you can achieve financial success.  

You are entitled to receive a FREE COPY of your credit report every year. 

Free Annual Credit Report all 3 credit bureaus in the same place.


Identity Theft

Identity Theft is obtaining someone’s personal or financial information solely to assume that person’s name or identity in order to make transactions or purchases.

Identity theft can be committed many different ways.  Some identity thieves go through your trash looking for bank account and credit card statements.  However, the more high-tech methods involve hacking corporate databases to steal customer information.  Identity theft can ruin your credit rating and other personal information, but there are many ways to prevent yourself from being a victim of identity theft.

  1. Check the accuracy of personal documents and deal with discrepancies right away.
  2. Invest in a cross-cut shredder to discard personal and financial information. 
  3. Do not give out your personal or financial information over the phone.
  4. If you have wireless internet make sure it’s password protected.
  5. Keep your Anti-virus and Spyware programs up-to-date.

Please visit our Ed Financial Services for more information on:

Protecting Your Personal Information

Preventing Identity Theft