Attending College? Don’t Neglect Your Credit Score

Published on Feb 24, 2014 12:47 pm

Before you graduate and enter the job market, there’s a huge benefit to learning the ins and outs of your credit report and credit score.

For many students, college is generally the time when financial responsibility becomes a necessity. Students may already have a number of bills coming from sources such as cell phones, car payments, rent payments and credit card payments.  So learning more about financial responsibilities can help with current and future budgeting issues.  And college can be the perfect time to get credit in order.

What Does Your Credit Report Contain?

While each agency may format and report information differently, credit reports will contain basically the same type of information:  your social security number, date of birth, credit accounts, credit inquiries, and public records or collections items that may apply.

Your credit report may even play a role in buying a car, financing on a loan, or getting an apartment.  This is why it’s important to make sure the information on your credit report is accurate.

Keeping up with Your Financial Responsibilities

Making sure that all your bills are paid is important—especially ones that are linked to credit-related accounts. If you’re late on payments or you stop paying your bills, your balances can be sent to collections. This information will likely appear on your credit report and have a negative effect on your credit score. While in college, you have an opportunity to develop good bill-paying habits that can benefit you throughout your life.

You don’t have to wait until you’re halfway through college to check your credit score. Being informed of what’s on your credit report early on will give you plenty of time to address any problematic accounts.  After all, good credit can help give you the financial tools needed to help get your working career off to the right start.

This article is provided for general guidance and information. It is not intended as, nor should it be construed to be, legal, financial or other professional advice. Please consult with your attorney or financial advisor to discuss any legal or financial issues involved with credit decisions.