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Check Your Credit Report To Get Your Credit Score |
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Just as we undergo regular health check ups, it's vital to check our credit report regularly since a lot depends
upon it. You should check your credit report at least annually and preferably every six months as eligibility for loans and credit cards depends upon the status of our credit report. It would not feel nice to have our request for a loan turned down for no apparent reason. You must know that you have to pay a higher interest rate on your car or house mortgage if you have a bad or questionable credit report. You may also be turned away by insurance agencies or made to pay a higher premium, as you will be considered to be a bad credit risk. Remember that even most employers these days check your credit report for job selection or promotion purposes. Do you want to take the risk of missing out on your dream job because of a mistake in your credit report? All this Just about anyone who has access to a credit reporting agency can check your credit report if required. Landlords, utility companies, mortgagors, car dealers, lawyers, investigators, and the courts: all of these can gain access to your credit report if required. All credit reports have some things in common, for example all data falls into one of four categories: personal, reported accounts, public record, and inquiries. So you must regularly check your credit report to see what information is stored on you and whether it is correct and accurate. Personal Information: This includes personal details such as marital status, name change, spouse's employment, your employment status, salary, as well as former employers. You must check your credit report to see whether the information is true and correct. Reported Accounts: Reported accounts are divided into 2 categories: default and monthly. Financial institutions, finance companies, charge and credit card creditors, large department stores, even oil and gas companies, all report your history monthly. These reports include all your account information and history, including payment history, credit limit and current balance. The default account contains reports when you default on a payment to an entity such as your landlord, utility companies, insurance companies, retailers, doctors, hospitals etc. Information in this account includes your details as well as a delinquency report, which indicates how long the account is overdue: 60, 90, or 120 days. To maintain your credit rating, you should check your credit report on a regular basis. Public Information: Events such as lawsuits, bankruptcies, liens and court judgments are legal public information. Records of debts and loans and even charge accounts may also be present in this section The important area of inquiries includes employers, landlords, potential creditors and anyone who may have obtained your credit report in the last 12 months. These inquiries remain in your record for up to two years. Too many inquiries in your credit report may affect your rating adversely by making you seem desperate for funds. Therefore check your credit report regularly to ensure your credit rating is OK. Even unsolicited mailings can appear, but they are identifiable as promotional As credit reports have a big impact on the interest rate offered by lenders, it's important to maintain a credit history, which reflects positively on our creditworthiness. For example, if you're planning on buying a home, check your credit report and allow time to pass for it to become satisfactory. You need to look at everything and information, which is incorrect or outdated, needs to be removed or corrected so be careful and check your credit report thoroughly. Also check the credit agency's coding compliance and in fact all information should match your actual status. So beware and check your credit report regularly to avoid unwanted surprises. |
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