Consumer Law

Credit Scores Should Not Be Your Main Concern

By Eugene S. Melchionne, Connecticut Consumer Attorne

Much has been written about maintaining your credit report and your credit score.  Credit reports are free (once per year) by Federal law and it is easy to set up a system of monitoring them.  However, you still have to pay to obtain the point score.

But another point of view is that your credit score is nothing but a debt score.  The score measures of how well you manage your debt.  Some people have historically been able to manage their debt well, but really are not credit worthy.  That is, they can’t handle any more.  Isn’t that where we are now?  Most people already have all the debt they can handle.  More credit isn’t the answer.

The answer is to have a goal.  Credit can be used to handle that goal, but ultimately the answer is not to depend on credit.  If you credit is managed well, you don;t need to manage your debt.  Once you are debt-free, you won’t care if you have a credit score of zero.

Full post as published by Credit Law Network on May 25, 2009 (boomark / email).