Here’s the good news: Americans have better credit scores now than we have in the past few years. But there’s bad news, too: credit standards are now so high that it may not matter much.
Oftentimes, we as consumers refer to our ‘credit’ when talking about our personal finances. In order to be approved for a loan we need “good credit”, but what does that mean? Credit information comes in two forms: reports and scores; both will tell us our financial standing, but each contains unique information and serves a specific purpose.