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Financial Literacy Month 2015: Understanding Your Credit Report

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Donell Edwards, Blogger

DONED2014 SmallAbout Donell Edwards: Donell Edwards is President of CWR Media and is also founder and publisher of The College World Reporter (CWR) magazine and CWR World News & Information Service.  He is also a professional speaker, freelance writer, and entrepreneur.


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We’re Celebrating Financial Literacy Month

Know Your Money
Monday – April 27, 2015

Financial Literacy Month 2015
Understanding Your Credit Report
By Donell Edwards

The document shown below is not written in Greek, Sanskrit, Cuneiform or some other foreign or ancient form of writing.  But for many, it may as well be, because they have no idea how to read their credit report.  In her U.S. News & World Report article, “Infographic:  How to Read Your Credit Report,” writer Jenna Lee explains how to read a credit report and provides graphics to make it easier to understand.

Your credit report should not be confused with your credit score.  Why is this information important?  Because lenders use your credit report and your credit score to determine your creditworthiness, or, in other words, how much of a risk they believe you may be before extending you a loan for a vehicle, a home mortgage, credit cards, or other type of  loan, and many employers even use this information to evaluate whether to hire you or not. So, your credit report and your credit score are very, very important and your credit report should be reviewed at least once a year.  

You may get your credit report from any one of the three major credit reporting agencies, Equifax, Experian, and Transunion.  It is a good idea to check all three because the information may vary from one agency to another.  You may also get your FREE credit report from  https://www.annualcreditreport.com/index.action.

Your credit report is as the name suggests, a record of your credit activity that includes your purchases, payment history, credit limits, number of accounts, late payments, etc.  On the other hand, your credit score is a numerical value that is  based on information in your credit report that is derived from using a mathematical formula or algorithm.  Although there are many different credit scoring methods, the most common one is the FICO score; the acronym means Fair Isaac Corporation.  Both your credit report and your credit score are important.

As we enter the last week of Financial Literacy Month 2015, if you don’t already know how to read your credit report, don’t you think it’s time you learned.  Learn how here.



Credit Report


Here is today’s step to financial wellness from Thirty Steps to Financial Wellness developed by Money Management International:

Step 21 – Document Your Spending



Hosting A Financial Literacy Month Event

2015 National Savings Forum

Financial Literacy Month Articles from Huffington Post 

The FoolProof Foundation

FoolProof Teacher

FoolProof Solo


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Disclaimer:  I have a Bachelor of Business Administration degree but I am not a financial adviser. However, I have acquired years of knowledge about personal money management through my life experience working through my own personal finances that allows me to share that knowledge with readers of Know Your Money. The Know Your Money Blog posts written by me are my own common sense observations and opinions and are for informational use only. Although my blog includes contributions from experienced financial professionals, please make your own financial decisions based on personal research or contact a financial adviser.


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