subject: Are You A Victim of the Credit Crunch? [print this page] If you are like many Americans, you're facing more difficult economic challenges than you were just a few years ago. Unemployment continues to be historically high and, worse of all, there has been a credit crunch in this country. Banks are simply not loaning out money to those who have substandard credit. Lending standards have tightened substantially. So are you a victim of the credit crunch? It is best to find out today.
Before you can improve where you are, you must first find out exactly where you stand. To do this, you need to know your credit score. To be specific, you need to know your FICO score. This is the credit score used by lenders, banks, and other institutions across the United States to make decisions about who is extended credit and who isn't. There are many services available to you and it is best to shop around. You can simply order your credit score through one of the credit reporting agencies or you can sign up for a credit monitoring program. It really depends on how much you want to spend and what you're looking for.
Next, you need to get your free annual credit report. With your credit score and current credit report in hand, you now have all the information you need to improve your credit. If there are errors on your report, take the necessary steps to get them fixed. Continue to make your payments on time and pay your obligations to creditors if at all possible. If not, you should consider debt consolidation and cutting household expenses to the greatest extent possible. You should also try to pay down your debt over time. These are the two most important ways to increase your score.
No matter where you stand in the current economy, it is always best to know your credit status. Credit is simply too important.
