Having problems keeping up with your finances? Acquiring a copy of your credit report with score and history can greatly help you monitor your cash flow and expenses.
Nowadays, we are on the trend of virtualization. From banking to shopping, all can be done online with a few clicks and keyboard strokes. You don’t need to be physically present on a store if you wanted to buy your favorite stuffs. The Internet can cover the distance for you. However, as much as our daily transactions have been made easier with the use of cloud technology, it also leaves us with more complex data to understand, analyze, and secure.
You might be shock seeing your credit card bill go high and hence you’d think that if you can only trace all your expenses, then you could be sure that your bill is accurate. Fortunately, this problem has already been addressed by numerous credit monitoring companies.
Credit monitoring service providers give you a detailed report regarding your credit card usage regularly for a subscription fee. Usually, these fees are minimal compared to acquiring all your credit reports from the three major credit bureaus. Among the most reliable credit monitoring service provider is the Best Credit Reports.
How to Get Your Credit Report Regularly
Getting your credit report online is not as difficult as you think it is. The first step involves finding the reliable and credible service provider that can send your detailed monthly credit history and score. Create a list of your top 5 picks and start comparing their added services, features, and fees.
Once you have checked all the features that you want to get from the agency, see if you agree with their fees and terms. Selecting the most convenient payment method and favorable terms is a good move.
If the credit monitoring agency has support, make sure to ask all the questions you have in mind before availing for their services. It’s always good to ask rather than to take surprises later down the road.
Lastly, once your credit report has arrived, check if complete details are provided. If you are not satisfied with the data presented then feel free to cancel your subscription so as to stop them from billing you every month. Go over the same steps again until you find the perfect firm that can satisfy your needs.Share
A lot of people are wondering how mistakes get into their credit reports. Since correcting these mistakes entails much hassle, effort, time, and stress, it is necessary to know how these mistakes are incurred and what you can do to prevent them.
Different Ways for Mistakes to Appear on your Credit Reports
1. If you applied for credit using a variation of your name, then expect errors to show up on your credit report. Always bear in mind that you need to be accurate and consistent as much as possible when applying for loans. One spelling error can bring you trouble for a lifetime so to save you from going through all the hassles, be consistent and accurate as possible.
2. Submitting a hand-written application is also very vulnerable to errors on your credit reports. Why? Because someone might accidentally make clerical error when encoding your application especially for those vague parts or letters. Even if it’s not you who committed the mistake, it will still affect your credit reports and you still need to spend your time and effort in correcting it.
3. Providing inaccurate Social Security Number is also among the culprits why errors appear on your credit reports. Aside from that, if the number is misread by the lender, then errors can also get in to your credit reports. Either way, you need to make sure you provide the right numbers and you present them in a manner that can be read clearly or else you’ll be in trouble.
4. Lastly, mistakes can also get into your credit reports if your credit card information or loans are inadvertently applied to the wrong account. Make sure to state clearly the account to avoid further mistakes.
Overall, mistakes made by you or other people can get into your credit reports. The point is, you can minimize the risk by controlling those factors in which you have control over such as using accurate and consistent name during application, not submitting hand-written application, and providing the right and clear Social Security Number.
There’s no harm done if you are extra careful when it comes to your credit information. It only saves you future time and effort by preventing unnecessary mistakes.Share
Credit monitoring services are offered to credit card users for them to check the health of their wealth. Subscribed users get monthly reports sent to them automatically once they sign up for a credit monitoring service. Finding a reliable service provider can be done through the Internet. First, you just have to do a little research about which providers can send complete reports from three major credit bureaus including Equifax, Experian, and Transunion.
After acquiring a list of potential credit monitoring service providers, you can then check their websites one by one and compare their prices, features, and other perks. Select the one which can benefit you the most by checking offered identity theft insurances and other services included in their packages.
How Does Credit Monitoring Services Guard Your Wealth?
Since the service providers send regular credit reports monthly, you will be able to check and monitor your finances including your spending. If you find unusual items on your report and feel that you have unrecognized purchases, then you should confirm it to your bank. The first signs of identity theft are too much spending and unrecognized purchases. Make sure you clear things out as well as errors and inconsistencies as soon as possible as it will affect your credit history and score.
Maintaining a good credit history and score is vital if you are planning to apply for a loan in the future as these will be the basis if the banks or other creditors will lend you money. And if they did, your credit score and history will be the main determining factor when it comes to the interest rate of your loans.
Overall, monitoring your credit records regularly helps you make sure that your identity as well as your wealth is being protected. Among the most reliable credit monitoring service providers is the Best Credit Reports. You can visit their website at: http://www.bestcreditreports.com/.Share
Financial literacy isn’t something that is taught in college or in any other schools. A regular parent’s advice is always to study hard in order to acquire good and stable job in big corporations in the future. As the child grows, these values have been instilled to the mind hence most graduates today prioritize acquiring a job rather than looking for ways to increase their assets.
After acquiring their dream jobs, these individuals continue to work hard in order to earn more, get promoted, and buy the things they wanted such as a house, car, appliances, vacations, and other stuffs which add up to their liabilities. In this article, assets are defined as something that gives you money while liabilities are defined as something that costs you money.
Even if these individuals get a higher pay or promotion, these people find it hard to save money as their liabilities are building even faster than their assets or salary. Sooner or later, they find themselves experiencing a lot of shortcomings and hence they need to work harder in order to catch up with their debts again. They can’t even afford to waste their time on a football game or golf sessions.
Some financial intellectuals call this process a rat race. People fall into the same routine and process day by day unable to get out of the race. After years of being on the same status, they find themselves wondering what they have accomplished over the years.
At the retirement age, most people find it hard to look for income as pensions barely sustain the kind of lifestyle they have been living for the past years. If they hadn’t concentrate on adding up liabilities and just focus on building their assets, then they could now be earning enough from their assets in order to sustain their lifestyle.
How to Get Financial Freedom
The formula for being financially independent is very simple. Others just don’t know it and some might know it but are not willing to apply it. More assets mean more income. More liabilities mean higher expenses. So if you wanted to get financial freedom, then you need to build your assets and control your expenses. The income from your assets should be greater than your total expenses. If you achieve this, then you won’t even have to work for the rest of your life in order to survive.
The formula is simple but most people find it hard to apply because most don’t have self-discipline and delaying gratification is not something they are willing to do. They prefer short-term benefits rather than long-term. Therefore, they are stuck in the middle class for the rest of their lives “working for money instead of making money work for them” as explained by Robert Kiosaki (in Rich Dad, Poor Dad best-selling book).
Being financially literate also means keeping track of your expenses especially your credit card. You can subscribe to credit monitoring services in order to do this. Avoid acquiring more credit card debts in vacations and other stuffs that you don’t really need.Share
It is given that your credit history and score greatly affect important lending decisions to be made by creditors or banks. Since your credit report shows how you handle your money from paying bills up to paying mortgages, it’s very likely for lenders or even land lords to check if you have a good record. Apparently, if you don’t have a favorable history and score, you’ll get declined on every loan you are applying for. It will also be harder to find a landlord who could take you in despite your bad credit history. Hence, it is very important to maintain a good credit history and score so won’t have any trouble.
Aside from directly affecting important lending and boarding decisions, your credit history and score can also impact other aspects of your life including employment. So how can a good credit score and history help you in employment?
What Employers Think of Your Credit History and Score
Depending on state laws, an employer has the right to check applicants’ credit history and score before making important hiring decisions. According to Gregory Meyer, “your personal credit report gives employers an indication of the quality of your work”. If you pay bills on time, avoid tax liens, and pay off debt in a timely manner, then you might be the right person for the job. However, paying bills late, ignoring creditors, and letting your debts build indicate that you’re not the right person for the job hence you will still be on the unemployment line.
In addition, if your credit history shows that you can’t handle money well enough; forget applying to jobs in the financial sector. Companies won’t trust you with their money if you can’t even manage your own. Employers also want to avoid crisis management. Although most employees say that their personal problems won’t affect their jobs, it is still apparent that most employees with financial problems perform poorly at work and are often times distracted and irritable.
Furthermore, if you have a very tight competitor on a certain position, your employers might use your credit history in order to break the tie. Of course, the person with a better credit history gets the job. Aside from being able to break the tie, employers can also use your credit history to ensure longevity. Hiring employees with a bad credit history is a long-term risk and employers just want to avoid wasting their time on training you.
If you want to know more about how your credit history and score can affect your chance of getting hired, click here.Share