You Better Know the Score!
In columns like this over the years, I have said that you need to know your credit score. Here are examples from recent seminars of how the score impacted farmers and ranchers attending.
In Oklahoma City, a producer’s son was rejected from a state trooper job after passing all his requirements because he has a low credit score. Unfortunately, he was confused with another person who has a similar name and social security number.
In Dickinson, ND, a very nice farm and ranch couple was surprised when the bank wanted to charge a higher rate because of a low credit score. Again, a case of mistaken identity.
A divorced farm wife was rejected for credit because of her former husband’s previous bad credit habits of eight years ago.
A banker paid more for insurance because his score was supposedly low. It was another mistake on his credit history.
Folks, the bottom line is get your score checked and ask your lender for assistance in reading the report.
Energy prices will be extremely volatile this winter because there is only a 10-day reserve in the world. A tough winter or anything impacting supply will cause prices to spike.
I got a very nice compliment in North Dakota from a producer involved in a value-added cooperative. His comment was that he and others took my advice and added two directors from outside of agriculture. He said it was the best thing they ever did. It raised the business and financial reporting, accountability and understanding. They asked tough questions that challenged the producers’ paradigms.
My e-mail address is:[email protected] 
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.
This online exclusive is brought to you by The Corn and Soybean Digest