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Good Personal Credit Reports Are Like Free Cash |
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A personal credit report is simply your past credit history of the last seven to ten years. The information it provides includes name, addresses, Social Security number, current and past employers, current and past credit accounts and loans. Banks, retailers, credit card issuers are all included apart from public record information like bankruptcies, tax liens, etc. To a potential lender, it gives a good idea of whether you can be relied upon to pay him back on the basis of your history of personal credit report. Importance Of A Good Personal Credit Report There may be plenty of midnight TV ads full of promises of quick easy financing even if filing for bankruptcy. Then there are daily emails with claims of pre-approval for easy credit. These loans or credit cards usually charge double, triple and even quadruple of what somebody with good personal credit report pays. For example good personal credit report could get a person a $17,000 five year loan at 8%, eventually costing him a total of $22,000 with $5,000 interest. With a bad personal credit report, however, the interest rate will be far higher due to the risk to the lender being greater. The $17,000 five year loan may be at a rate of 24%, which would eventually cost a total of $34,000 with $17,000 interest. Over 5 years the difference is $12,000. It could make for a good family vacation. When magnified on a $300,000 mortgage loan, the importance of good personal credit report is even more prominent. Good Personal Credit Report: It Is Not Just A Monetary Factor Good personal credit report doesn't just affect your pocket. With a good personal credit report, your chances of getting more credit are much better. A car breakdown or major house repair need not create a concern about how the cost is to be covered. Even insurance companies and employers are increasingly studying personal credit reports than before. For that edge over competition in a job opening and lower insurance rates, good personal credit report counts. Nothing To Worry: Bad Personal Credit Report Can Be Fixed Bad personal credit report needn't be a concern as it can be fixed. You can repair personal credit report in a number of ways. --Examine your personal credit report very closely, questioning any inconsistencies that occur in your personal credit report. --Use caution in dealing with companies claiming to repair credit and improve personal credit report instantly. You can do the same without spending much or anything at all. --A non-profit credit counseling service can help restore order, possibly with a consolidation plan and design a repayment plan at a lower interest rate. Obtaining A Personal Credit Report Is Very Simple Getting your personal credit report isn't difficult at all. By searching online or in the phone book, you'll be able to find details for the three national credit reporting agencies (CRAs), Equifax, Experian (formerly TRW) and TransUnion. For a small fee or even for no fee in case of being denied credit, you can get a copy of your personal credit report. Personal credit report mostly costs less than $10 or you can qualify for a copy of your free personal credit report if you have been turned down for credit by Equifax or TransUnion in the preceding 60 days. Experian has a current offer of free personal credit report in 30 days of being turned down and also a free personal credit report annually. You can also get a joint personal credit report from all the three agencies from various commercial groups. Normally costs of this personal credit report are more than for individual personal credit report which is $35 to $50. The key factor to remember is to have no fear in finding out your position. With a good personal credit report you can save a pile of money on interest apart from getting mental satisfaction. |
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