The Fool Gets Fiesty About Credit Scores

We all know life isn't fair. Someone ate that piece of pie you were saving for later. You deserved that promotion more than Esmeralda did. Nice Mr. Jones gets cancer and his house burns down, while annoying Mr. Smith wins the lottery.

But life has recently gotten even less fair for some people -- maybe even you. Join me in the exciting world of credit scores. (Hey, it's all relative. Credit histories are arguably more exciting than taxes or insurance). You surely know that lenders check your credit scores when you apply for loans such as mortgages. (Get great tips on buying a home and special mortgage rates by visiting our Home Center.) But did you know that others are spying on your credit history, too?

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Offering commentary on a recent Consumer Reports article about the different ways companies are using our credit scores. The Fool makes the point that since an estimated 80% of credit reports (and scores) are inaccurate, the widespread use of credit scores could needlessly cost consumers a lot of money--in terms of higher interest rates, denied coverage, denied credit, etc.

So do yourself a favor and check your credit reports if you haven't done so recenly. The best time to check and fix your credit report is before you need the credit. If you wait until you need a good credit score, it could be too late.