Financial Wellness: Building Credit is brought to you by Lorman
Gain the tools necessary to establish, build, repair, and maintain a good credit score.
For better or for worse, the American economy runs on borrowed money. Most of us borrow money to buy cars, homes, furniture, appliances, and a college education. The cost of borrowing money, and the amount available to borrow, often depends on our credit history and score. Not only will a good credit score increase our chances of obtaining a loan with competitive terms, but it may also be a condition of employment and/or a requirement before receiving electricity, water, cell phone, and similar services. Although we may not be born with a good credit score, we can acquire one through improvement in our overall financial health. Would-be borrowers must recognize the relationship between financial health and their credit, understand the importance of having a good credit score, and be given the tools and resources necessary to establish, build, repair, and maintain one. Similarly, financial practitioners need to recognize the obstacles borrowers face to obtaining a good credit score and understand what steps can be taken to overcome these challenges.
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