10 Things You Need to Know About Your Credit Score

Understand the calculating rules of credit score, change your habits according to these rules, you can improve your credit score easily. NicoElNino/ShutterStock

What you may not know about your credit score can hurt you. Did you know that the average American credit score is a 669-699. Sounds great right? It might sound amazing but if you, the average person, upped their credit score by 50 points, they would lower their mortgage interest rate by 0.5 percent. 20 percent of the U.S. residents have a credit score below 520.

Today we’re going to break down a few things you need to know about your credit score.

1. Check Your Credit Score

This one is critical to improve or maintain your credit score even though it seems so simple. To seriously know your credit score you need to know your credit report and use an accredited reporting agency. By using The Annual Credit Report website you can get a free credit report. Federal law allows you to get one every 12 months.