[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.
If you are just starting out on your own, you may have a hard time getting credit cards or loans because of a lack of credit history. You must build credit to get access to the best credit cards and loans, but you can mess things up if you don’t know how to do it […]
One of the worst feelings you can have is when you have a bill coming due and no way to pay it. You have either spent all of the money or you have to spend it on something more important. You don’t want to have to deal with those phone calls from creditors because you […]
[Y]ou open up the credit card statement only to see another $30 late payment fee assessed. Ugh! You can’t believe you forgot to make a payment on time again. In between running the kids to daycare or school, meeting with clients and taking care of errands on the weekends, some things just get pushed aside. […]
[G]etting approved for a credit card is a sign of responsibility. It can give you freedom with your finances. For instance, you can book a hotel or buy airline tickets, which would be difficult without a card. You should know why you want a credit card and understand if those reasons are good or bad. […]
You hear financial experts preach about getting out of debt. They tell you to cut up your credit cards and pay for everything with cash. While some people may need to follow this advice, you may wonder if it’s the case for everyone. Should you avoid ever having any kind of debt again? Not Avoidable […]
[T]he busy summer season is behind everyone, and the upcoming holiday season is a few weeks away yet. Now is the time to focus on goals you have set. One of the most important is saving money. Fall = Transition Time You are transitioning from the lazy days of summer, times when you spent a […]
[W]hen you hear about identity theft, you may think about all of the public computers in use as well as the credit card machines in stores. While these are all areas that are vulnerable to hackers and those who want to steal your identity, one of the most dangerous areas is at home. Why? Because […]