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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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