Your credit reports and credit score affects more than just your ability to buy on credit. Sure, every time you apply for a credit card, buy a car or purchase a home, it comes into play; but your credit also impacts your ability to get insurance (and what you’ll pay for it), the types of interest rates you’ll pay for large purchases and your ability to get a new job. In today’s tough economic times, you need to make sure that your financial scorecard looks terrific.
Your credit report is used to calculate your credit score. It serves up the official record of your payment history for basic bills and loans. In addition to payment history, the credit report states the amount of credit you have available, your monthly debts, and other information that tells lenders, retailers and employers whether or not you are responsible and a good risk. At all times, it is you responsibility to take an active role in reviewing and monitoring your credit report. You may find it beneficial to use a credit monitoring service to help you keep up with your credit activity.
Have you looked at your credit reports? You should. It is a window into your personal information and how you conduct yourself financially. It lists your date of birth, social security number address, phone and employment. It will list out all the credit accounts you have, the amount currently owed, when you opened the account, any late payments, when the account was closed (if applicable) and if any collection action has been taken against you.
Did you know that even credit inquiries can affect your credit report negatively? Your credit report will show every lender or potential lender that has accessed the report over the past two years. Too may inquiries may look like you were scrambling to stock up on credit accounts.
There are three credit reporting agencies (or credit bureaus) that can provide your credit report — Equifax, Experian, and TransUnion. You should view your credit report with all three credit bureaus.
If you find an error, you should report it immediately. Your creditor then has 30 days to respond to the discrepancy and remove any error that they admit to. If the credit will not admit fault or refuse to remove or correct a discrepancy, then you have the right to file a statement on your report. You can also try mediation or even legal action over an unresolved credit dispute. The law is on the side of the consumer. If you are right and the creditor refuses to cooperate, you can sue for damages, court costs, and attorney fees.
The best way to keep track of your credit reports and scores with with our credit report monitoring service. It will bring you peace of mind that your financial scorecard is watched 24/7.
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