Have you checked your FREE credit report and your score? by Jeffrey Brooks CPA, CFP

By Jeff Brooks

You credit is a number that reflects the information in your credit report. For example, if you pay all of your bills on time and owe only a small dollar and only have small amounts outstanding compared to your assets, you will have a higher score than someone who fails to pay their bills on time and owe a lot of money.    When you have a higher credit score, you are more likely to be offered better credit terms.

Since I am a CPA and CFP, I hear “horror” stories about people’s credit being destroyed.  Since your good credit is so important to you, why wouldn’t you get a free copy of your credit report from each of the nationside consumer  agencies once a year? 

The reason people do not check on their credit is because 1. although it is very important, it is not urgent so they don’t do it.  2. They think that it is unlikely their credit will be destroyed.  3. They don’t plan on applying for a new home mortgage, a car loan or credit car.  4. They think there is a charge because when they go online they see these companies charging for getting their credit report 5. The process of understanding the report is overwhelming to them and 6. They do not calendar and “just get it done”.

What is the worst or lowest score you can get?  325.  What is the best or highest score you can get?  850.

 I checked our score by using Esperian, a credit reporting agency.  The score is called a FICO score. Our score was high at 807 out of 850.

How often should you check on your credit score?  I suggest you check every four to six months due to identity theft.   Since you are allowed to get three free reports per year and the process is so simple.

It took me less than 5 minutes to order reports.  I simply called 1-877-322-8228. I could have gone ont he web and chosen www.annualcreditreport.com

To clear up mistakes on your credit report, , you should contact the consumer reporting agency (Equifax, Experian or Trans Union)

 

 

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About Jeffrey Brooks

Jeffrey Brooks, CPA, CFP, MBA since 1976 has specialized in helping clients save significant taxes, help businesses increase their cash flow, revenues and profits while increasing their control and satisfaction. Jeff and his accounting firm sincerely cares about the happiness of his clients.

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JBrooks Wealth Advisors, PC.

Certified Public Accountant
Address: 4647 N 32nd Street, Suite B245
Phoenix, Arizona 85018
Phone: 602-292-2009
Email: jeff@jbrookswa.com