The credit score is a number that is reflective of a person's credit standing of their overall credit history. The credit score is based on the credit report information that the three credit bureaus TransUnion, Experian and Equifax maintain.

Why is the credit score so important? Because, it seems that almost everything we do these days is based on our credit which includes: vehicle loans, home mortgages, bank loans, rental applications, utilities, insurance applications, cell phone accounts, employment applications and existing jobs and the list goes on and on.

Credit scores and credit reports are used to determine whether or not you will be able to secure credit for something you may be applying for and this even includes obtaining a job these days. The potential creditor or employer is seeking to find out the potential risk you may pose to them if they grant you credit or employment.

In some instances, some employers are running credit scores and credit reports on their existing employees to determine whether or not their employee may be able to keep their present job. This seems to be occurring more and more often these days.

Some individuals are surprised that they are being subjected to having their credit scores and credit reports run by a prospective employer. It appears in some cases to be another part of the job application process.

If the potential creditor decides to grant you credit, your credit score will determine the interest rate that you will receive. The higher your credit score the lower your interest rate may be. Credit scores via FICO range from 300-850. The FICO score appears to be the scoring system used by most creditors.

You may want to consider checking what's on your credit report at least once a year. That's right at least annually you can get a copy of all three of your credit report to check your credit. In addition, you may want to know what is being reported on you by your creditors via the three credit reporting bureaus which are the following: TransUnion, Equifax and Experian.

Well, as you can see your credit score and credit report are very important. You may want to consider ordering a copy of your credit score and credit report to see where you stand with your overall credit to avoid any unexpected surprises when you apply for credit in the future. A free copy of your credit report can be secured once a year at annualcreditreport.com.