Credit can be hard to understand. In fact, 53% of Americans admit that they don’t fully understand credit. And 78% of Americans would like help changing that.

Thank goodness Bank of America and Khan Academy have come together to help educate consumers on the ins, outs and myths of credit!

What’s a FICO score? How often can I check my credit? Do inquiries hurt my score? How can I improve or repair bad credit? What is considered good, bad and ugly? What does it all mean?

Bank of America, in partnership with Khan Academy, hosted a live Google Hangout called "Better Money Habits: Understanding Credit." As part of a broader effort to promote better money habits related to credit, the Hangout focused on credit scores and what they mean. Sal Khan led the discussion, which included an interactive Q&A with panelists including:

  • Ian Cohen – CEO,
  • Farnoosh Torabi – Personal Finance Expert & Author
  • Rob Habgood – Credit & Underwriting Lead, Bank of America
  • Branden Recker – Credit Counselor, GreenPath Debt Solutions

The virtual event demystifies credit and teaches people better money habits, as well as educates consumers who are looking to protect and improve their credit.

Tune in to find out:

  • The difference between a credit score and a credit report.
  • How a credit score is calculated.
  • How to improve your score.
  • Why credit is valuable and how your score can impact you long term.
  • The difference between hard and soft inquiries.
  • How a young adult can establish credit.
  • Misconceptions and the truth about credit.

To watch "Better Money Habits: Understanding Credit" — go here!