Do you know your credit score? What about your credit history? Understanding the different aspects of using credit, including the common terminology, helps you better manage your finances. Unfortunately, many people don’t understand the basics of credit.
In this blog post by Trifecta Credit Solutions, we will discuss the most common credit terms that everyone should know. These terms will help you better understand your credit score and history, and they will also help you when you are looking for a credit monitoring service or a credit repair service.
What Is A Credit Report?
It’s a report that contains information about your credit history. It includes information such as the types of accounts you have, your payment history, and all the negative aspects of your credit history.
You can request one free copy of your credit report from each of the three major credit reporting agencies every year.
What Is Credit Score?
Your credit score is a number that identifies your credit status; lenders use it to assess your creditworthiness. It is based on the information in your credit report, and it can range from 300 to 850.
With a high credit score, you can be approved for a loan or line of credit. You can get your free annual credit scores from the major credit reporting agencies.
What Is A Credit Monitoring Service?
A credit monitoring service tracks your credit reports and scores from all three major credit reporting agencies. Some credit monitoring services also offer identity theft protection, which can help you recover if your personal information is ever stolen.
A credit monitoring service is a subscription-based service. It also sends you alerts if there are changes in your report, such as new accounts or late payments, which helps you improve your credit health.
What Is A Credit Repair Service?
A credit repair service helps you remove negative items from your credit reports, such as late payments or bankruptcies. These services typically charge a fee, and they may not be able to remove all negative items from your report.
What Is A Business Credit Service?
A business credit service is a company that helps you build or improve your business credit score. This can help you get loans or lines of credit for your business. These services typically charge a fee, but they can help you get better terms on loans and lines of credit.
If you’re trying to improve your credit, these are the essential terms you should know.
At Trifecta Credit Solutions serving Saint Louis, MO, we believe that everyone deserves a second chance. That’s why we offer credit monitoring, credit repair, and business credit services to the residents of Saint Louis, MO, and other areas. You can quickly get your finances on track by working with us!
