Your credit report and score tells lenders whether or not you are a good risk for a loan. Your credit history, payments, and account information are on this report. Your FICO score is also an important factor for lenders. The information contained in your credit report is used to generate your FICO score which acts as your credit “report card”. A FICO score is not the same as your regular credit scores. It uses different set of rules & algorithms for coming up with your credit score. And many lenders utilize the FICO score to determine your creditworthiness. Therefore it may be prudent to see what’s on your FICO score as well before applying for a loan. Often the information contained in your credit report has some inaccuracies. This is why it’s important to check your credit report on a regualr basis. At least once a year to ensure that the information is correct and up to date. Reasons you should check your credit report include: * Basic Inaccuracies Payments that’s have been made, but not credited to you. Late payments or having someone else’s date (especially if the names are similar) being mixed in with yours. If you notice inaccurate information, you must contact the credit reporting agency to get the mistake corrected. * Tracking Payments Many times, checks sent through the mail do not reach the accounting office of the company on time, or get lost in the mail. Such late or missed payment issues could be posted on your credit file. Therefore you would need to correct this information by contacting the creditor. If you don’t read your credit report, you will not know which payments have been received and properly reported. * Identity Theft Identity theft is one of the fastest growing crimes in thw U.S. It’s one that has caused people to have poor credit ratings because someone has received credit or loans in their name and defaulted on the payments. Your credit report will show you the list of accounts that have been opened in your name. Check them carefully to ensure they match your personal financial details. * Inquiries Your credit report will list the names of companies or persons who have requested information regarding your credit history. Read them carefully to make there’s no fraudulent activity and/or unauthorized entry that could be related to id theft. Also, too many inquiries are seen as unfavorable by lenders and will make it harder to obtain loans. * Credit Fraud – Unauthorized Charges Credit fraud involves the unauthorized use of your credit cards or account number to make charges on your account. Sometimes this is done so subtly that you do not notice the extra charges on your monthly statement. By viewing your credit report, you will be able to catch new activity on your accounts, especially if they are ones you haven’t been using. When it comes to managing your credit worthiness, your credit report is your best resource. Viewing your credit report gives you the opportunity to manage your credit wisely. While planning a credit strategy to achieve future goals, you should regularly review your credit report to ensure an excellent credit rating. *Free Credit Report Services Free credit report services are not created equal. With some services, you’re able to see what’s on your credit report and score from all 3 major credit bureaus online – TransUnion, Equifax, and Experian. This is important because the data contained in one credit bureau file may not match what’s on the others. Also, various lenders may choose to see one or more of your credit files. So it makes sense to obtain the most comprehensive report. And most services do not provide a free FICO score. You only get to see what’s on your regular credit scores. These are some of the reasons why it makes sense to do your homework and make comparisons between the features they provide.
I have a couple charge-offs that are killing my credit. Where do I start? I do not have the funds to hire someone, so if anyone can possibly tell me where to begin or how to dispute this, that would be great.
Requesting for your credit report from time to time is important, although it is a mandatory to have access to the report at least once a year. Those who like to manage their credit information would better rather access it at least thrice a year which is good considering what an incorrect report and score can do. Checking within short intervals gives you ample time to write a dispute for the correction or removal of wrong information. The agencies can always correct information in case of any errors but regular checking should keep the errors in check. Hector Milla Editor of the “Best Credit Reporting Services” website — http://www.CreditReportsAndScores.biz — pointed out; “… Free annual credit reports are possible to get but getting a free monthly update is very difficult. Credit reporting agencies release reports to everyone once a year for free but if you want monthly reports, you will have to pay for them. To get monthly updates, the best thing to do is to use a credit monitoring system from a reputable company instead. This is however not free too since you pay for the monitoring service and the company will give you the free reports as a way of making you use their services …” If you can afford, it is better to get reports monthly or after 4 months. This is better than waiting for a whole year. You may be able to get a free credit report from the agencies on request after you are denied a loan or mortgage and would like to find out why. The other reason why you should make efforts to have monthly reports is for the sake of finding employment. This is to make sure the employers are getting the right impression of you. “… Identity theft is another reason why you should aim to have monthly credit reporting. This can cause a lot of damage to you financially and emotionally and the sooner you stop the culprit the better. Imagine someone using your identity for a whole year without you realizing it. Important is to be able to understand what your report implies about you by finding the right person to explain things you don’t get …” H.Milla added. Further information about how to get a detailed credit report including scores and as often as you want by visiting; http://www.BestCreditReportServices.com
Even some celebrities get their credit card declined sometimes, which is embarrassing for them since they are always in the public spotlight, but that does not mean that this is any less embarrassing when it happens to us when we go to pay for something. Research has shown that in the last six month, more than 4 million credit card bills have missed their payment dates.
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