When it comes to personal financial management, a number of things can affect our overall health.
This includes our credit score, whether we have a contingency fund for emergencies, having adequate insurance coverage and choosing a bank that’s right for our needs. K-State Research and Extension family resource management specialist Elizabeth Kiss says one of the most important things we can do is review our credit report once a year.
“And your credit report is just that,” Kiss said. “It's a file of information that consumer credit reporting information agencies keep on all of us regarding how pay credit, how much credit we use. All the different information that our different providers report to them on a regular basis.”
That includes whether you pay your utility bill on time. Kiss added your credit score is a number that grades you on your experience with credit.
“And so the credit report is what the lender or the insurance company would use to determine what they would charge you for credit,” Kiss said.
Kiss added consumers can obtain a free copy of their credit report annually from all three reporting agencies at: www.annualcreditreport.com.