National Credit Education Month
March is National Credit Education Month and it’s the perfect time for people to learn more about credit, learn more about their credit score, and then take the actions necessary to bring that score up. Credit is a part of a person’s financial power and it allows them to purchase things that they need now by promising to pay for them later or over time.
Credit is also affected by a variety of different factors, and that’s why it’s important for people to know their credit score and then take the actions they need to take to ensure that it isn’t being negatively affected by these factors. This month is the perfect month for people to get their financial house in order and to bring their credit scores back up.
The History Of National Credit Education Month
Even though we’re unsure of the year when National Credit Education Month was created, we do know who created it. It was first created by the Credit Education Resources Foundation and Credit Professionals International. They created this month to raise the public’s awareness about credit and its importance.
Some Facts About Credit
Below are some facts about credit that we feel everyone should know about. We gathered together the following facts while researching National Credit Education Month and hope they prove useful.
- The 5 key factors that influence a person’s credit score are Payment History, Length of Credit History, Credit Utilization, Credit Mix, and New Credit Inquiries.
- A Credit Report is a collection of information about a person’s credit behaviors.
- A Credit Score is a numerical representation of a person’s credit worthiness.
- The three main credit bureaus that issue credit reports are Experian, TransUnion, and Equifax.
- Negative credit items eventually come off a credit report, but it may take up to 10-years.
- FICO Credit Scores range from 300 to 850.
- Checking your own credit score won’t hurt your credit rating.
- A poor credit score usually means that a person ends up paying more for interest when they take out a loan.
Observing National Credit Education Month
Observing this month is easy enough. You can observe it by learning more about how credit works and then by learning about your credit score. There are a number of ways for you to check your credit score for free — maybe even through the bank that handles your checking and saving accounts.
Once you’ve done that, you can then take the steps to improve your credit. We also encourage you to use the hashtag #CreditEducationMonth to spread the word about this month far and wide.