Knowing Your Score

knowscoreThere is a lot of buzz about knowing your credit score.  That buzz can be misleading because there is no one credit score for each person.

There are many different credit scoring models that co-exist in the marketplace including generic scores, proprietary lender scores, industry specific scores and educational scores. A number of the scores available for purchase are considered educational and do not coincide with the exact scores that a creditor will obtain when you apply for credit.

Typically you have to pay a nominal fee to get a score generated from your report.  Federal law entitles us all to one free report each year from the three major bureaus, Equifax, Experian, and TransUnion, but it doesn’t provide for a free credit score.

Buying all your different scores would be expensive, not to mention the time involved in tracking down all the different models and their uses.  So, which score should you know? And, do you really need to know all those numbers?

Learn more about credit scores in our new project, Credit Scores: You Do the Math
Underwritten by:experian_logo

  Renters Need Insurance

Less than l8 percent of people who rent housing in the U.S. have purchased renter’s insurance and that can lead to big losses. The Insurance Information Institute recommends that all renters purchase insurance. The policies start around $130 per year and go up depending on the amount of coverage needed. Many tenants believe that if they rent an apartment or house their landlord's insurance will cover problems. Not so. Many landlords have insurance, but only to protect the building. There are several aspects to renters insurance. Personal belongings coverage includes things such as furniture, clothing and other personal possessions. Expensive items such as jewelry or furs may require a rider. Liability coverage is one of the best reasons for renters to have insurance because it provides protection in case you are sued for injuries or damages caused by yourself, a family member or even your pet. If there is a fire or other disaster, your insurance should pay for any increase in living expenses if your apartment cannot be occupied.
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