Michael Poulos, president and CEO of Michigan’s First Credit Union, recently spoke to 160 members at an educational seminar last Tuesday that was aimed at schooling folks on the ins and outs of credit scores. Poulos stated, “It’s become much more public that credit scores matter.” I think that this is true, but my fear is that although more and more people are realizing the impact that credit scores have on their finances, people might not understand what goes into the creation of that score. It’s very refreshing to see so many events going on this month which are targeted towards helping consumers get a grip of concepts like those. Susan Tompor of the Detroit Free Press reported yesterday,
“Credit scores are such a hot consumer topic that a few banking outlets are using credit-related events as a conversation starter. Wells Fargo, for example, is running a special promotion through mid-November to offer its customers free credit scores and free credit reports. Consumer customers need to visit one of the Wells Fargo stores nationwide.
Michigan First Credit Union just held one of its twice-a-year events in which its members can get free credit reports and free credit scores, as well as pick up some pointers on how to brush up their credit.
The thing about credit scores is that typically you want to clean up your credit history before you want to borrow money — kind of like tidying up the house before Thanksgiving company shows up. So it may be a positive sign that so many people are showing an interest in credit.”
Click here to read about other valuable credit facts that are worth understanding, and which banks are currently providing credit education.
I love the comparison that Trompor makes with cleaning up a credit score to tidying up the house before turkey day guests arrive. So true, and such a simple way to look at it. The one big difference being, of course, that it takes a big longer to fix up a credit history than it takes to clean a house, and you can’t hire a maid service (or, you know, somebody else who you pay to clean things) to take care of your credit. You’re on your own, buddy, so the earlier you start, the better!