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Establishing and building credit are very important parts of one’s financial well-being. A solid credit history, among other things, is an important factor that is usually considered when a consumer is applying to borrow money. Credit scores and your credit history can impact your ability to borrow money in a number of ways, including when buying a car, opening a line of credit, buying a home, and so on. What exactly impacts your credit? According to credit bureau Experian, there are 5 key factors to consider:
There are 5 tiers of creditworthiness, with scores ranging from 300-850 based on the combination of the above factors. Learn more about what each credit tier means by checking out Experian’s guide at /speedbump?bit.ly/2zk3hmB.Please note that creditworthiness can change over time, based on consumer behavior. For ways to improve your score, visit: /speedbump?bit.ly/2CK3Zs8.
Also, remember that consumers are entitled to 1 free copy of their credit report per year from each of the 3 major credit bureaus. Click here to request yours today!
For more information about the three major credit bureaus – Experian, Equifax and TransUnion, please visit their websites. Rhinebeck Bank. Member FDIC.