March is Credit Education Month; LSS Financial Counseling Offers FREE Credit Improvement Services

An estimated 11% of Americans have poor credit, according to FICO, the largest and best-known company that provides credit scores.

March is National Credit Education Month, a month dedicated to teaching people about credit and how it can affect them. It is a great time to learn some of the ramifications of having a low credit score and what steps can be taken to boost your score.

According to Experian, one of the major credit reporting bureaus, FICO credit scores can range anywhere from 300-850. Credit scores from 670-739 are considered “good,” credit scores from 740-799 are considered “very good” and 800-850 are considered “exceptional.” On the other side of good credit are credit scores from 669-580 which are considered “fair” and finally, credit scores from 579-300 are considered “poor”.

While barriers may exist with higher credit score ranges, these barriers become considerably more apparent with lower credit scores. Kim Miller, Licensed Financial Counselor with Lutheran Social Services says your credit score can have implications on a number of things we do and purchase.

While these issues can exist, action can be taken to improve credit scores, such as paying on time and credit utilization. One of the most important things someone can do is thoroughly review their credit report to look for any errors and dispute them if any are found.

LSS Financial Counseling offers free Credit Improvement Services. Certified financial counselors are available to review credit reports and assist with steps that can increase credit scores, according to Miller.

LSS Financial Counseling can also help individuals and families develop a budget, prioritize which debts should be addressed first, and explore beginning a Debt Management Plan. For an appointment, call 888.577.2227 or visit lssfinancialcounseling.org.

Listen to the full interview with Kim Miller of Lutheran Social Services below: