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Why Is It Important to Check Your Credit Score?

january 15, 2020 | credit, bills & debts
Why Is It Important to Check Your Credit Score?

Are you hoping to make a large purchase but don’t know if your credit is good enough? Perhaps you have reason to believe that your identity has been compromised and you need to check your credit score. Or maybe you are just curious how your credit score is doing.

 

Lenders check your credit score to determine if you are a credit risk. Knowing your credit score gives you an idea of how you are viewed through the eyes of creditors and businesses. Furthermore, errors in your credit reporting could lead to higher payment rates for products, loans and mortgage applications. It’s important for you to keep track of your credit score to be aware when it drops.

 

Your credit score is determined by factors such as:

 

  • Payment history
  • Amounts owed
  • Length of credit history
  • Number of credit types in use
  • Account inquires

 

With the IDShield mobile app, members can utilize the incredibly handy Credit Score Tracker. It allows you to watch your TransUnion credit score with a map that outlines a historic view of your credit trends from the past year, beginning at the start of your membership. This allows you to evaluate your potential for big purchases, double-check your identity’s safety and simply be aware of where your credit score stands.

 

IDShieldis a product of Pre-Paid Legal Services, Inc. d/b/a LegalShield (“LegalShield”). LegalShield provides access to identity theft protection and restoration services. For complete terms, coverage and conditions, please see www.idshield.com.