National Get Smart About Credit Day is a holiday observed on the third Thursday in October every year to promote the importance of people improving their credit.

There are a number of different factors that affect a person’s credit score, including the amount of debt they are carrying, the reports that have been made to any collection agencies, any payments that were made late, the number of open credit accounts, and the age of a person’s credit.

If a person properly manages these categories, they can improve their own credit score, or if they already have good credit, maintain it that way.

The History Of National Get Smart About Credit Day

This holiday began in 2003 and was established by the American Bankers Association Education Foundation. Since this holiday’s inception, thousands of people have been able to educate themselves on the importance of good credit and the steps they can take to ensure they maintain their good credit once they’ve established it.

Facts About Credit

Below are a couple of facts about credit we’ve learned while educating ourselves on our credit.

• Negative credit items usually fall off after 7 years.
• The majority of lenders use FICO scores when making decisions.
• Checking your own score doesn’t hurt it.
• People can check their credit scores online for free.
• A low credit score will cost you due to having to pay higher interest rates.
• Canceling old credit cards can lower a person’s credit score.
• Many credit reports contain information that isn’t accurate.
• You can dispute items on your credit report that are incorrect.

Observing National Get Smart About Credit Day

We encourage everyone to take the time to learn as much about credit as they can, and thanks to the Internet, that’s easier now than it has ever been before. It’s also a good day to begin checking your credit score on a regular basis. And while you’re taking care of your credit score, be sure to use the hashtag #NationalGetSmartAboutCreditDay to spread the word about this holiday to other people who might need it.