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Improving Your Credit is Key When Starting a Small Business

Terri CCCS photo.jpg

The University of Scranton Women’s Entrepreneurship Center, StartUP program met with Terri Stocki, Certified Education Director of Consumer Credit Counseling Service (CCCS) of Northeastern Pennsylvania.

Here are some of the tips that Terri gave regarding Credit Score:

What is a Credit Score?

It’s a three-digit number generated using information in a credit report. FICO sc ores are widely used by financial institutions in the U.S. The score ranges from 300 to 850 and the higher number indicates lower risk. Credit score is measured on the five factors from Credit Report which are payment history, amounts owed, length of credit history, types of credit used and new credit.

Why is Credit Score Important?

This number can make a difference between being approved or denied for credit, and a low or high interest rate. A good credit score can help a person qualify for an apartment rental without paying deposit or being approved for a low-interest loan.

How to improve your Credit Score?

Terri recommended the membership which includes access to:

  • The member’s Experian credit report and credit score
  • The Score Planner™ feature, which allows consumers to see how various financial actions can impact credit scores
  • Credit monitoring
  • Alerts that notify members about new activity on their credit reports
  • A mobile app enabling alerts and updates on the go
  • Access to fraud resolution agents if suspicious activity is found in the member’s report

Terri also recommended the Sharpen Your Financial Focus program that lets consumers identify their most serious financial issue and then select appropriate solution options. The program provide services like MyMoneyCheckUp® available at, an online financial assessment tool that increases financial awareness and financial well-being of consumers. One-on-one financial review with NFCC Certified Financial Professional to find solutions to current concerns and develop a realistic plan to sustain long-term goals. A financial education workshop designed as a “deep dive” into the major area(s) of interest to the consumer or a follow up session with Certified Financial Professional.


farishta.JPGFarishta Abdullahi is an intern for Women’s Entrepreneurship Center at The University of Scranton Small Business Development Center. She is focused on assisting lower income women, those in transition or those trying to make a better life for themselves and their families.  “StartUP” is a 4-week certificate program designed for women with lower incomes, offering support and guidance in determining if entrepreneurship is an option for them presented by The University of Scranton Women’s Entrepreneurship Center (WEC), sponsored by NBT Bank.


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