You can help your customers, members and employees take ownership of their credit and their credit scores by leveraging information to make calculated financial decisions. Securus CE, our credit education platform powered by Experian, includes many options, some of which include:
Credit scores are powerful. Your personal credit score can spell the difference between buying a brand-new car or a much cheaper used one or between buying your dream home or continuing to rent. In dire situations it can even mean the difference between putting dinner on the table for your family or going hungry.
A good credit score shows potential lenders and credit card companies that they can trust you with a loan or credit, giving them the assurance that you will pay it back in a timely manner.
It can qualify you for a lower interest rate for the life of your loan, saving you hundreds or thousands of dollars.
That’s why, as consumers, it’s critical to understand how to build your credit and protect it from fraud.
How can you build your credit score if you don’t even know what’s in your report?
There are also many things that can dock your credit. Late payments, credit card fraud, bankruptcy, maintaining too many credit accounts, frequent hard credit checks and even closed credit card accounts.
When you close an account, it may not be removed from your credit report immediately. This is true whether the closed account is a credit card or an installment loan. Closed accounts stay on your report for different amounts of time depending on whether they had positive or negative history. An account that was in good standing with a history of on-time payments when you closed it will stay on your credit report for up to 10 years.
Keeping a watchful eye on your credit score, building or rebuilding it as necessary and carefully monitoring your account for any signs of fraudulent activity.
At Securus Partner Solutions, we make managing credit easy with our Credit Education platform.