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A life you love on a budget you can afford.

Here on TBM®, I provide you with simple, easy-to-follow solutions to help you budget your money, pay off debt, save more, and crush your financial goals. But more than that, I give you the tools to start doing the things that matter most to you, on a budget that actually works!

Does Your Credit Score Need A Boost?

February 12, 2016
Credit Report & Score

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credit score

The creators of one of the most widely used and influential credit scores, also known as the “FICO score” just released that your credit score could be getting a boost in the near future. The Fair Isaac Company has stated that they will no longer use unpaid medical bills or late payments on bills that have been paid off as factors when calculating your FICO credit score. Check out this article posted on Time.com –  Here's Why Your Credit Score Is About To Improve

Keeping track of your credit report and score on a consistent basis can prove to be challenging and in many instances requires a monthly fee. You can receive a free credit report from all three credit reporting agencies – Experian, Equifax, and TansUnion – once every 12 months. You can do this by going to www.annualcreditreport.com. But is monitoring your credit report only one time a year really enough?

  • Related: Your Credit Report & Score – The Ultimate Beginner’s Guide

There are a handful of places you can go for a free credit score. Some of these places are Credit.com and Credit Karma. So what is the difference between these free credit score companies? The main difference in the scores given by these companies is determined by which credit reporting agency data they are based on. Credit.com gives you a letter grade (A-F) based on Experian data, Credit Sesame gives you a number score much like the FICO credit score but is based on the Experian National Risk score, also based on data collected by Experian. Credit Karma gives you two different scores – a VantageScore credit score and a TransRisk Credit score. These are based on TransUnion data. So credit scores given by these free credit score companies can vary, but it is a great place to start when you want to get a feel for where you stand on your credit score.

  • Related: 3 Smart Ways to Improve Your Credit Score Quickly

For the last 3 years I have used Credit Karma relentlessly. It has been a vital tool that I have used to check and manage my credit report. In the last three years I have found 3 errors on my credit report and have managed to resolve each issue. Each of the three credit report errors were discovered using CreditKarma. The most useful feature is their mobile notifications, which alert you via an email or mobile notification if there is a change or an addition to your credit report. It is an easy to use mobile app that makes it effortless for you to check your credit report or score on the go.

You can find more info about CreditKarma on their website www.creditkarma.com.

To download CreditKarma on your Apple Device click HERE.
To download CreditKarma on your Android Device click HERE.

You can also check your credit score free to CreditKarma.com.

Will this new change impact your credit score?

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Filed Under: Tagged With: CREDIT SCORE, DEBT, REVIEW

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Comments

  1. Kiersten says

    February 24, 2016 at 9:11 am

    Hi! Someone in my Facebook group shared this website with
    us so I came to check it out. I’m definitely enjoying the information. I’m bookmarking and will be tweeting this to my followers!
    Excellent blog and great design and style.

    • Kumiko Ehrmantraut says

      February 24, 2016 at 2:35 pm

      Thank you Kiersten! I am glad you like the blog! Thank you again for the support!

Hello, I'm Kumiko, but everyone just calls me Miko. Welcome to my blog, The Budget Mom. I am an Accredited Financial Counselor® , and mom to a rambunctious boy. Come along with me as I strive to live a life I love on a budget that I can afford. Read more about me.

RECENT YOUTUBE VIDEO

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The Budget Mom
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If you would like to submit your budget information to possibly be picked for a Real Life Budget that we will show on YouTube, please reach out to budgets@thebudgetmom.com.

Diane is a single mom who is a Database Administrator for an IT Department at a local college. She lives in Queens, NY, and eventually wants to move to a lower-cost of living area in the future. 

Diane submitted her information because she is struggling to organize and tackle all of her larger short-term goals.

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She's also the creator of the wildly popular Live Rich Planner® and Budget by Paycheck® Workbook. Love has been featured on Good Morning America, the Today show, CNN, CBS, ABC and in USA Today, US News, World Report, Huffington Post, Money Magazine, Parents Magazine, the Washington Post, and Real Simple. She lives in Spokane Valley, Washington.

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