I was just in Boulder, CO, teaching at the Graduate School of Banking. The University of Colorado and Pearl Street sure provide one with a view of another time reminding me of the late 1960’s and early 1970’s.

I had the pleasure of visiting with Jeff Judy who teaches the consumer lending classes at the school. One of his subjects is credit scoring and the use of credit reports.

As a reader of this column, do you realize credit scores and your background are being used not only to accept or deny you for credit, but for so much more?

They are being used to price your loans, determine whether you will be solicited for marketing purposes, and for fraud detection, i.e. unusual behaviors and purchasing behaviors.

The scores on your credit report are being used to determine whether you qualify for insurance, as well as the amount of your insurance premiums. Employers are also using them as criteria in hiring decisions and character assessments.

The national average is 670 points, and credit scores range from 300 to 850. In the 300-650 range, people are 3.12 times more likely to have a past due account beyond 90 days.

If you would like to find out your score, go to www.myfico.com . There is a charge, but it is worth it to make sure your report is correct. If you feel the information in your report is not accurate, contact these agencies:

Equifax: (800) 685-1111

Experian: (888) 397-3742

TransUnion: (800) 916-8800

Side Note

I had a great time playing basketball with the bankers. We got the keys to the Coors Events Center and played on the big floor. The assistant men’s coach played with us. What a classy guy – Coach Harris. I might become a "Buff Fan."

My e-mail address is:sullylab@vt.edu

Editors' note: Dave Kohl, The Corn and Soybean Digest Trends Editor, is an ag economist at Virginia Tech. He recently completed a sabbatical working with the Royal Bank of Canada. He is now back at Virginia Tech with his academic appointment, which is teaching, extension, and applied research.

To see Dave Kohl's previous road warrior adventures type Dave Kohl in the Search blank at the top of the page.

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