Your credit report is one of the most important details about your life, in a numerical sense. It is how organizations, businesses, and renters determine your financial stability and is often used to represent your trustworthiness in a numerical world. Your credit score determines if you can get a loan, and the interest rate on that loan. It determines if you can rent a house or a car, mortgage rates, and mortgage approval. It can even be used by employers when deciding if you are the right person for a job.
Credit scores matter. Fortunately, your credit score isn’t a mystery and if someone files a fraudulent report, you are protected by the Fair Credit Reporting Act. This defends both your right to know about your credit score (not just an invisible number used to judge you) and ensures that you can defend yourself from false filings, debt collectors, mistakes, and identity theft.
