Think of your credit score as a measure of trust. They essentially give financial institutions an idea of how likely you will pay back your credit. It is an indicator of your ability to meet financial obligations, such as paying off your credit card and phone bills each month.
Why is my credit score important?
When you build up a higher credit score, you will have more financial options available to you. It could also help you get credit at lower (more attractive) interest rates. Insurance companies also use your credit score to determine your premium payments. A high credit score can save you more money in the long run with lower monthly premiums across home, health, auto, and other forms of insurance.
How do I check my credit score?
If you are 18 years or older, you can check your credit score for free with Borrowell. It only takes 1 minute to make an account with Borrowell and they do not ask for your SIN number of credit card number.
You will only be asked a few questions to verify your identity with Equifax, the credit bureau that Borrowell uses to pull your credit score from.
On your credit dashboard, you will be able to see:
Your credit score
Your credit report
Access to your personal Credit Coach
Key information about how to improve your score
Personalized financial product recommendations
Credit education tools and materials
Why should I check my credit score regularly?
Think of your credit score and report like your school transcript. You will not know how to improve your grades if you are unaware of your progress in your courses. Here are some key reasons for regularly checking your credit score:
Know where you stand financially and monitor your credit over time
Gain valuable insight into what helps and hurts your score with Borrowell’s credit coach
View your full credit report and understand what each item means
The Bottom Line
As a university or college student, your credit score is something you should start paying attention to as it will likely come up at one point!
If you want to learn more about credit scores and your overall financial health, visit Borrowell for more information!
*All information is taken from Borrowell's website. Check them out here!
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