Credit Score - Know Yours?

admin — Wed, 29 Oct 2008 19:36:02 +0000

There are three different credit reports that can be useful for a variety of reasons. There are three major credit reporting agencies: Experian, Equifax, and Trans Union, and each of them has their own information about your credit, so to get a good credit report, you have to use all three. Fortunately, you can get all three credit reports for about $24, and this will tell you all you need to know about your credit.

Anytime you are applying for credit the business you are working with needs the information on these three credit reports before they will approve of you. So knowing your credit record and your credit score can give you a heads up on your chances of receiving all kinds of services. For example, a home loan will not be given if you have a bad credit score, of course if you were buying a home a little over a year ago this wouldn’t have matter, amazing how things change. Even insurance companies may turn you down if you have bad credit. Getting a credit card with a low apr. is impossible with bad credit. Of course renting a home and buying or leasing a car is not likely either. So knowing what those three credit reports say can be a short cut to save you time and embarrassment.

Another advantage to knowing what’s in those credit reports is they will tell you if someone has been defrauding you or stealing your identity. If, for example, someone has been opening accounts or making purchases in your name. Maybe everything in these accounts is from you and your making your payments but a creditor made a bad report. Or even worse said you didn’t pay when you thought you did. All of this information will show up in these 3 credit reports as a bad score. Once you have this information you can take appropriate action to get them removed from your record and to get the guy who did it by alerting the authorities or having a bad report changed.

Getting the bad fraud charges off of your credit score can be a major hassle. Many of the news magazine shows have covered this issue many times in their broadcasts. One thing that I think is interesting is that a lot of identity theft is caused by someone that is know by the victim.

There are many ways you can improve your credit score. One of them is to not have too many credit cards this is a liability and lenders don’t like it. Another thing you can do is regularly pay off your balances to show that you are reliable and can be trusted with credit. If you regularly pay off your balance, and are on time with gas, phone, electric, and other utility bills, this will also help. In the long run, it is worth it for you to keep your credit good as possible, because it means you qualify for better interest rates, bigger lines of credit, and all kinds of other financial benefits that you wouldn’t have otherwise.

ShareThis

Tags:major credit reporting agencies

Quick Debt Relief

Credit Score - Know Yours?

Related posts