How to protect your credit score – A credit score tells potential lenders how well you have used credit in the past and how likely you are to repay in the future. It impacts the types of loans you will be approved for and the better your credit score, the better interest rates you will receive. Get a copy of your credit report. If you haven't established a credit history, you might not have anything on your report, but it is a good idea to monitor the report on a regular basis. Remind them that a credit report is a record of your past financial transactions and that an important part of using credit wisely is to annually review your credit reports. Checking your reports will help you spot errors and can serve as a safeguard against credit fraud.