Why You Should Check your Credit Report
One of the most critical routines to make
certain that your credit report is accurate is to
copy of your credit report at least once a year. This is a
simple, inexpensive practice, but is ignored by many people.
Are you aware that over 70% of credit reports have misinformation on
them! In fact, 20% of their errors are damaging enough to cause
consumers to be rejected for loans and credit!
Your credit report is being used by many different companies and
organizations when determining whether or not to grant you loan
approval, what kind of interest rates and loan amounts. Your credit
report can even determine whether or not you get a job or an
Typical errors include:
Accounts that are closed, listed as open -
For example, a motorcycle loan is listed as being open even though you
paid off the debt many years ago. This issue can occur with any type
of loan or credit card.
Incorrect Personal Information - Wrong birth date, address,
social security number, etc.. are some common examples of the
reporting of misinformation. Also, it is very common that
misinformation regarding your spouse will also be listed on your
credit report, i.e. your spouse will be listed as your business
partner, not your spouse. Information
is Missing - Not having all of your information can depict you as
being high risk, when you are not.
Multiple Listings - It is very common for
credit reports to list the same credit card of loan more than once.
Misinformation being listed on your credit
report is a result of the wrong info being reported to the bureaus
by your creditors. This often occurs when loans and credit change
hands between banks and lenders.
Any error on your credit report is only going
to do bad for you, not good. Therefore, you should
remove any misinformation promptly.
Who will use your credit report in making
judgments regarding your future:
Financial Institutions & Banks
Will use to determine loan approvals, loan amounts, interest rates
Over 35% of employers will analyze your credit report when
determining whether or not to hire you for a job. This number is
even larger amongst retailers.
Almost ever type of insurance company, i.e. auto and homeowners,
will use your credit report to determine rates. There have been
studies done that conclude that people with bad credit file more
claims. Therefore, if you have bad credit, you are likely to receive
a higher premium than someone with good credit.
Why is it become a common trend for companies to use your credit?
Employers are not disclosing past employee histories as they did in
the past. The fear of being sued by former employees they are
reporting on has become a touch reality. It is also inexpensive for
companies to obtain a copy of your credit report.
Getting rid of errors on your credit report:
The first thing you will need to do is submit a written request to
the reporting bureau. They are require by law to resolve your issue
one way or another within 30 days.
You can further educate yourself about
what to do if there are errors on your
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