Why is it Important to Check Your Credit Report?

Today, our credit reports are used to make many decisions about our financial future. This includes auto insurance rates, employment opportunities, ability to rent a home or apartment and, of course, whether we can obtain a home, car or credit card loan.  It is critical to protect this very important asset by checking it, at least, annually. Below are some other reasons to check your report and some common things to look for when reviewing it. Make sure that only accurate information is on the report. It is very common for credit reports to contain errors. You don’t want an error to prevent you from getting the best rate on a car loan, home loan, or credit card do you? So you...

Posted on Nov 10, 2010

Understanding Credit Reports

You may wonder what is in a credit report. A credit report contains personal information, account history, inquiries section, public records and contact information for the credit bureau. The report is divided into several sections; let us examine each section of Dana’s report individually. Personal Information – name, social security number, records on file of previous addresses, etc. Note the following items on this section of the credit report: The file number is indicated; this gives Dana a way to notify the credit bureau of any errors in the report, by referring to this number. The information shown on this section of the report is generally self-explanatory. However, there are a few items of personal data that Dana should strive to keep secure, in...

Posted on Apr 13, 2009

Getting Your Credit Report

Credit reports can be acquired by contacting each of the major credit bureaus–Equifax, TransUnion and Experian. You can opt to receive your reports by telephone or by mail, but the most efficient method is by access over the Internet – your reports can be in your hands within 15 minutes. Review the information below so you are prepared with the information you will need. Go to www.annualcreditreport.com to obtain your free credit profile from each of the reporting agencies. Acquiring your report is a 3-step process: 1. Enter certain data about yourself; 2. Confirm your identity 3. View your report. Before you log in, it is important to have some required information because you will be asked to prove your identity conclusively. Here are some examples of...

Posted on Apr 12, 2009

Credit Scores: Making them work for you!

A credit score is a complex mathematical model that evaluates many types of information in a credit file to help lenders estimate the risk they incur by lending someone money or providing them with a service like. Lenders use the credit score to determine whether a person qualifies for a loan, credit card or service and to determine the rates. Generally, the higher the score, the less risk the person represents and the better rates they will receive.At this time, Experian, Equifax, or TransUnion will provide you with a credit score for nominal fee. Consider purchasing your credit scores if you are planning a major purchase, such as a house or car. The bank or mortgage company you choose will determine your...

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