News 12 at 6 o'clock, July 12, 2010

AUGUSTA, Ga. -- It's one of the most important numbers you have and most people don't know theirs.

"When you get down to the low 600s and into the 500s," says Georgia Bank & Trust's Jay Forrester, "it becomes an issue for the availability of credit."

Credit scores are dropping, and lenders like Georgia Bank & Trust have seen fewer people borrowing money.

"They're having to go to smaller lenders, like secondary finance companies and payday loan companies, and that can really create a cycle of borrowing that's hard for people to get out of," said Consumer Credit Counseling's Melissa Whittaker.

43 million people have a credit score below 600. That's one in four consumers who could have trouble getting a loan. That means it's important you know your score and check your credit report. It can be hard but there are simple fixes you can make so you're not the one.

-- Dispute any older accounts, ones you didn't open, or ones more than seven years old with all three credit bureaus.
-- Make sure your credit limits match up with what's on your credit report.
-- Never have more than three credit cards.
-- Keep inactive credit card accounts open.
-- Remember, the more organizations that check your credit, the more your score goes down. So if you're not getting approved, stop applying for more credit.
-- Call your creditor if you're going to be late on a payment.
-- Pay on time as much as possible
-- And young people trying to establish credit should open checking and savings accounts. Be wary of cosigning for a credit card. Remember, if you're not 21, you can't get one by yourself.

Watch out for credit repair companies claiming to fix your credit. Federal Trade Commission attorneys say they know no legitimate credit repair company.

Your free credit report can be accessed once per year by visiting the link below. Georgia residents can access their reports twice a year by writing to the three credit bureaus: Experian, Equifax, and Transunion. Accessing a free report will not give you a free FICO score, however.