Knowing your score
Many people order their credit report before making major purchases so they can identify and begin repairing any credit missteps, or to correct errors that could cause a higher interest rate or make them ineligible for a loan.
It might be helpful for you to see your actual credit scores in addition to the credit reports. You can purchase copies of your credit scores (reports are free) from each of the three credit bureaus for about $15 each at their Web sites:
- Equifax (www.equifax.com)
- Experian (www.experian.com)
- TransUnion (www.transunion.com)
Unless your teens are over 18 and have had their own credit card or loan for at least six months, they may not yet have a credit history and credit score. Therefore, you might want to order a copy of your own report so they can see what one looks like.
If you'd rather just have an estimate of your score, you can use the free FICO Score Estimator at What's My Score (www.whatsmyscore.org/estimator). The site also contains tips for improving credit scores.