[C]redit report errors are responsible for a large number of credit scores being lower than they should. Many consumers are not even aware of their low credit score until they apply for a loan or credit card and get turned down. Even then they are confused as to why their credit rating is low, as they had previously acted responsibly with credit. The fact is, not understanding your credit report, what it contains, and how it affects your credit rating, can cripple you financially.
Of course to examine your credit report, which is basically a summary of your credit history, you need to order a copy. You can do this once a year for free from each of the three major credit reporting agencies, TransUnion, Experian, and Equifax. Once you have a copy of your credit report in front of you, there are three major areas you need to look at to ensure thy contain no errors.
1. Your Personal Data. You might not think it, bit many credit reports contain incorrect data. Check to make sure your information is correct, including your name, social security number, your address, the name of your employer etc. Incorrect personal information leaves you more vulnerable to identity theft, and could also be holding you liable for someone else’s bad credit.
2. Number of Inquiries Made About You. Every time you apply for credit, whether it be a loan, credit card, or charge account, the creditor makes an inquiry about your credit rating. Too many inquiries could indicate that you rely too much on credit, and will negatively affect your credit score. If you see inquiries from companies you have not done business with, you need to have them removed from your report immediately.
3. Accounts Information. This section will list all of the credit accounts you have opened in your name. If you identify accounts that you have not opened, this could indicate that you have been the victim of identity theft. Also, if you see an account listed as open that you have paid off, you need to alert the credit bureau immediately
Now for the easy as 1-2-3 part. Repairing credit report errors has until now been a very complicated and drawn out process. Not so with the new EBook by CreditScoreResource.com, Disputing Errors on Credit Reports. This excellent manual gives clear and simple step-by-step instruction for disputing credit report errors at each of the three major credit reporting agencies, Experian, Equifax, and TransUnion. Don’t be a victim of credit report errors. Get your copy of Disputing Errors on Credit Reports and boost your credit rating today.
[H]aving no credit is almost as bad as having bad credit. Many creditors are unwilling to lend to you if you have no credit history, but you can’t establish a credit history if no one will take a chance on you. This catch-22 can leave you feeling frustrated, but don’t worry. There are ways of […]
[I]f you are working to improve your credit score, you know how difficult it is to see major changes. Your score may go up three or four points and then back down. You may pay off a small credit card and expect to see a new number, but it only improves by 10 points. If […]
[E]ven though you can use credit and debit cards in most of the same places, but that doesn’t mean they are the exact same. There are several differences between the two that you need to be aware of. Fees and Balances A debit card is linked directly with money in your bank account. You can […]
[I]f you have been working to improve your credit so that you can buy a home, you have probably been watching the news reports about credit changes closely. Just a couple of years ago, you couldn’t purchase a home at all with most lenders if your credit score was below 640. With the economy improving, […]
[M]ost people never check their credit score or only check it occasionally. While you see many advocates for regular credit checks or signing up with a credit monitoring program, there are plenty of times when you won’t have to worry about your credit. However, that doesn’t mean you should ignore it completely. Here are the […]
[S]tarting a new business is an exciting but often scary idea. If you have bad credit, you may find it is even more difficult. If you need to fund your new business with inventory or capital, you may discover that getting a loan is almost impossible. However, alternatives are available to help you get the […]
[W]hen you apply for credit or a loan, you may be asked to give permission for the creditor to obtain a copy of your credit report. You may assume that they will also see your credit score. This is not always the case, and it is important to know who can and can’t see your […]