Why You Should Check your Credit Report Regularly

One of the most critical routines to  make certain that your credit report is accurate is to get a 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 apartment.

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 and terms.

Employers
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.

Insurance Companies
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 credit report.

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