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Why You Need To Care About Your Credit Score
By Jon Arnold
It is probably not a news alert to you that there are three major credit bureaus in the US, all of which maintain a credit score about you. Your credit score supposedly gives an accurate reflection of your ability and organizational skills to repay loans on time. It does not matter if that loan is a mortgage, a payment, a gas company credit card, a department store credit card, a Visa or MasterCard or Discover or American Express, they all get lumped together. Your credit score not only reflects the debts you currently have outstanding, but also debts you have had in the past and your payment history with that lender, even if that account has been closed for years.
So what happens is that a single number, usually between 450 and 850, is assigned to you and supposedly reflects your credit-worthiness in the eyes of that credit bureau. Why do I keep saying supposedly? Because the actual value of that number that reflects your credit score is worthless. Let me explain.
First of all, each credit reports to at least one, and sometimes two of the major credit bureaus. Then contracts change, personnel changes, and then they start to report to a different credit bureau. Any errors that were reported to the first credit agency are still there and are no longer being updated, so the error stays there, while the lender is now reporting to the second credit agency. The exception to this rule, which is not even universal, is that mortgage companies usually report to all three credit bureaus, simply because of the size of the loan.
Next, think of the volume of data that the credit bureaus need to maintain. They have a record for each account that you currently have and have ever had, along with details of your payment history with them. That right there is not much, but now multiply that by the total number of businesses and consumers in the entire country, and you can begin to see the large volume of data they need to maintain, which numbers in the BILLIONS of records. If even 0.1% (less than 1%) of these records are in
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