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Preparing for 2011 Money Resolutions

New Years Resolutions

Prepare your list and start with your credit report.

I hope everyone is having a great Holiday season. As we head into the new year I am sure each of you are preparing to make amazing new year’s resolutions! And the intention is to keep those resolutions so that 2011 is the best year ever for you. Of course!

One thing I would like you to consider is your financial life. What will you keep doing in 2011? What will you stop? How is your credit history? Is your debt to income out of control? Just a couple things to ponder over the next few days and weeks.

I prepping for the new year and your resolutions please get your free copy of your credit report. If you have not received yours yet do so now. If you need to wait to first week of 2011 that is okay as well. Either way it is a good tool to use to see where you are credit wise. Once you have a copy please resolve to address improving your score and lowering your debt portfolio.

If you are not sure how to address errors on your credit file or outdated information you can find all strategies and tools here in this blog or on the CreditMania.com website. Everything you need to raise your credit score in the coming year is available to you in easy to use format.

Prepare to make 2011 the best year ever! Start with your financial life so you may live life richly!

Resources:
Free Annual Credit Report

CreditMania.com


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Credit Report 101

Your credit report is a compilation of your financial transactions, payment histories, and other personal information. All of this information is tracked closely in order to calculate a credit score that is used to determined if you are a good credit risk or not by banks and credit lenders. Typically the better the score the less risk you are. For unsecured credit this score is the primary driver of whether you are approved or denied. In secured loans such as houses, cars, and other large ticket items the credit score is only variable in the decision making process. Just know it is important to know your score and how to improve or rebuild it when needed. At our sister website CreditMania.com we have a full explanation of improving and or rebuilding your score.

Fact:

“Over 70% of consumers identify errors on their credit reports and 25% of those are serious enough to deny consumers access to credit, preferred interest rates, and or even a job.” It is vital to make sure your report is up to date and accurate!

Key Suggestions:

Obtain a copy of your credit report and review for accuracy of the information.
Under federal law you are allowed one free copy of your credit report each year from the three major reporting agencies. Log onto www.annualcreditreport.com for more information.

Be careful of making large purchases right before applying for a home loan.

If you find you can’t make a payment on time please contact a lender to make other arrangements before it is too late!

Don’t fall for scams that claim they can instantly fix or raise your credit scores. Only time and consistent payment history and constant watching for accuracy will improve your score.

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Five Reasons to Check Your Credit Report Regularly

In much the same way that a resume displays your work experience to a prospective employer, a credit report provides prospective creditors (and in some cases employers and insurers) with a detailed picture of your credit history. And like a resume, your credit report can influence whether you will receive what you are applying for. Ideally, your credit report is an accurate, up-to-date reflection of your credit history. However, since we don’t live in an ideal world, there are many reasons that your credit report could contain inaccuracies that might prevent you from receiving the credit you deserve. The good news is you can take action to keep your report accurate. Here are the top five reasons why you should make a practice of regularly reviewing your credit report:

Inaccuracies & Mixed Credit Files
Many inaccuracies on a credit report can be the result of simple human error, and are therefore not difficult to dispute. Of course, if you don’t order your credit report, you might never know about it. Whether the inaccuracies relate to payments not credited, late payments, or data mixed in from the credit file of someone else with a name similar to yours, you will want to contact the credit bureau to dispute inaccurate information promptly.

Tracking Payments
One of the most important elements of credit is a demonstrated history of on time payments. Once you send the check though, anything can happen–a delay in the payment being received can kick you over to a 30-day delinquency. If you call your creditor and explain the situation, they might adjust the information. Of course, if you don’t read your credit report, you won’t necessarily know which payments are being received and reported properly.

Identity Theft
This issue alone is reason to order your credit report immediately. Identity theft is an insidious crime, involving a thief who assumes your name to open new accounts, divert your card statements to another address, and run up all sorts of bad debt without you ever knowing about it until collectors come calling. Over time, identity theft could jeopardize your ability to obtain further credit. The best way to catch a thief who is using your name is by getting a copy of your credit report, which will show you if there are accounts listed you know you haven’t opened. For example, if a thief has intercepted a pre-approved credit card offer in your name and sent it in with a change of address, your credit report will include the account.

Inquiries
If you’re shopping around for a loan or more credit, you should know that when creditors check your credit, it places an inquiry on your credit report. Inquiries can add up, which is often interpreted as a negative by creditors. For this reason, too many inquiries can actually make getting credit more difficult. Moreover, if you didn’t authorize someone to look at your credit report and they did, they may have broken the law.

Credit Fraud–Unauthorized Charges
Credit fraud involves the theft of your credit card or account number to make unauthorized charges to your account. Though consumers are protected financially from this abuse, other creditors may take note of all this activity and decide to raise your interest rates or refuse to grant you a loan. Ordering your credit report will help you catch new activity on accounts that you haven’t been using, or may have closed.

Bottom Line
When it comes to managing your credit worthiness, your credit report is your best resource. And part of living life richly is taking control over one of the most menacing processes in the personal worth machinery. Look for more posts in the future on how to tackle this aspect of your credit life in future posts.

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