Only people with zero credit have credit scores of zero, right? This is a common statement, which also happens to be incorrect.
Just like you watch the number on the scale whenever you are trying to lose weight, if you are trying to improve your credit then you are probably watching your credit scores closely. Credit scores can be a useful way to track your progress whenever you are making strides to improve your credit reports. However, just because you pay off an account or you get a creditor to agree to correct an error on your credit reports does not mean your credit scores are going to update immediately. In fact, it may sound crazy but your credit scores do not actually update at all.
It seems like practically every week there is a new story about another company that has been the victim of a hacking crime. If you have not already been the victim of a data breach or had your personal identifying information compromised in some other way, it is really only a matter of time. Identity thieves do not discriminate. Everyone is a potential target.
Your credit scores can affect a lot more than just your chances of credit approvals and the interest rates on your next loan or credit card account. In addition to lenders and credit card issuers there are also many other types of companies and service providers which rely on credit information to help them predict risk. One such type of company which will routinely check your credit before doing business with you is your insurance provider.
As a parent you work hard to help each of your children succeed, or at least teach them the skills to do so. You actively participate in their education through parent-teacher conferences, tutoring, homework, and countless study sessions. You enroll them in sports programs to help them stay healthy and learn how to improve their athletic abilities through teamwork. You work hard to set them up for success in every possible area of life.