Credit Scoring Information

In order to advise you on the matter, I am sharing with you what, Neekia McCoy, vice president for consumer lending at REALTORS® Federal Credit Union, a division of Northwest Federal Credit Union, shared concerning CREDIT SCORING!

One helpful tip is about how you can strengthen your credit score. If you have a revolving line of credit, you should make sure the unpaid balance isn’t more than 50 percent of their credit limit. If it is, getting that balance below 50 percent is a way they can see improvement in their score quickly, McCoy says.

Another tip: If you are carrying a balance on a closed line of credit, that balance is hurting their credit rating, so you should try to get that balance paid off quickly and responsibly as they can.

McCoy says the average credit score is 680. Borrowers with that score have a history of paying off their debts on time, as agreed. The range is 300 to 850, with 850 being a perfect score.

Given the importance credit scores play in borrowers’ financial plans, it makes sense for them to check the credit report available from each of the three credit reporting organizations — Equifax, Experian, and TransUnion — once a year to make sure they’re accurate. McCoy recommends checking each of the reports at least once a year and taking steps to get them corrected if an inaccuracy is found. You can suggest your customers go to for a free check. REALTORS® Federal Credit Union has a link to the site on its website, Fortunately, it’s free to check each of your credit reports once a year by law.

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