Credit report guide

Free Credit Report

Your guide to maintaining an accurate and up to date credit report

It has never been more important to keep your credit report accurate and up to date, but maintaining that accuracy can be quite a challenge. While there are more consumer tools available than ever before, just sorting through them can be a nightmare, and it can be difficult to determine which services provide real value and which ones are a waste of time. In addition there is a lot of misinformation out there about the kinds of actions that have an effect ??either positive or negative ??on your credit score. Sorting through all the noise and finding the true information can be a challenge for even the most savvy consumer, so it definitely pays to do your homework before you start checking your credit reports.

Information and Misinformation

In some ways keeping track of your own credit has become easier through the years, with plenty of online tools that place your credit score and credit report just a few clicks away. But even with all this good information readily available there is no shortage of misinformation when it comes to credit reporting and credit scoring practices. For instance, many people still believe that checking your own credit report will lower your credit score, and those consumers may avoid reviewing their own credit reports for that reason. The truth is that reviewing your own credit report will not lower your credit score, so do not be afraid to check to look for those credit reporting errors. Many people also believe that removing erroneous information from a credit report is an easy task, but this can be a myth as well. Many consumers find that challenging and removing incorrect information puts them on an endless treadmill, with the same old wrong information popping up time and time again. While it is possible to banish that bad information forever, it is often not an easy process.
Why disputing your credit report can be difficult
You examine credit report and note that your current employer is listed as the department store where you worked 15 years earlier and there are at least nine versions of the name you have had for 10 year... you start to understand the dispute process will not be easy.
Protect yourself from credit report errors
It is estimated that around 80 percent of credit reports contain some type of inaccuracy, ranging from the seemingly innocent to the extreme. While it is unlikely that you will be mistaken for someone who is deceased, any error on your credit report can be damaging and potentially deny you access to credit.

Know where your credit report shows up

Many people assume that the only people looking at their credit report are those who lend them money, but this is definitely not the case. All kinds of entities have access to the information contained in your credit report, so it pays to make sure that information is accurate. For instance, potential landlords will probably take a look at your credit report before renting you an apartment. Landlords are careful who they rent to these days, and to them a stellar credit history may speak to your stability and trustworthiness, while a bad credit report could say just the opposite. Some car insurers also factor your creditworthiness into their premium calculations, claiming that experience has shown drivers with lower credit scores tend to get into more accidents. Whether it is fair or not, your credit report is important for far more than just borrowing, and that is why it is so critical that it contain only accurate and up to date information.
Differences between hard and soft credit inquiries
Maintaining a good credit score is a difficult task for many consumers especially as the economy continues to circle the drain. What is the difference between hard and soft credit inquiries?
The pros and cons of freezing your credit report
We have all heard the scary stories about identity theft, and many of us are wondering what we can do to protect ourselves from this growing threat.
10 Steps to reduce personal debt
Could you be debt-free this year? When millions of Americans are at least $9,000 in debt, achieving financial freedom and a rich, rewarding life may seem like a pipe dream. But debt does not have to be debilitating. Using practical yet deliberate steps, you can begin to pay off what you owe, reduce your debt and begin living a rich, debt-free life.
Credit report guide
2 years ago
Protect your credit score by fixing credit report errors
An error on your credit report can seriously affect your finances and your ability to make purchases using credit. If you notice an error in your credit report, it is important to dispute the mistake as soon as possible to protect your credit rating....

2 years ago
Fair Credit Reporting and Consumer Credit
The threat of identity theft and how consumers might prevent it are two good reasons why consumers should understand their rights under consumer legislation such as the Fair Credit Reporting Act (FCRA)....

2 years ago
Do all credit reports include a credit score?
The credit report is a detailed description of your credit history. It usually includes such information as balances, monthly payments, and payment history of both current and past credit accounts. Your credit score will not be listed on the report unless your order it as an additional option....

2 years ago
Review of AnnualCreditReport.com
The www.AnnualCreditReport.com site is easy to navigate, intuitive to use and contains much needed information, clearly presented. It is definitely worth using, especially for those who need or want to access their free credit report infrequently....

2 years ago
How to dispute a medical bill debt on your credit report
You do not feel well and take a trip to your doctor`s office, presenting your health insurance card and paying your co-pay. Seems all right but later you receive notice from a collection agency and mess on your credit report. How what?...
2 years ago
How to correct balances on your credit report
One of the most frustrating challenges faced by consumers is making sure that their credit reports reflect their credit card and other loan balances accurately. When inaccuracies do take place many negative consequences can result, from lower credit scores to higher interest rates....

3 years ago
The next generation of credit scoring - more profits, less losses.
Although most people would consider themselves to be creditworthy individuals deserving of financial assistance, consumers have a limited opportunity to represent themselves to financial lenders, primarily in the form of a credit score....

3 years ago
You know why they call it credit, right?
The process of loaning someone money is referred to as credit. This is a term used to indicate the borrowing or loaning of money to those consumers who cannot afford to make the purchase with cash....

3 years ago
When and why you should check your credit report
The importance of checking your credit report to make sure there are not any erroneous entries in it. Doing so will help you when you need to apply for a loan, know what you need to do to improve your credit score before you apply one, and even help ensure your identity has not been stolen....

3 years ago
How to use secured credit cards to establish a credit rating
Credit rating is important these days. A very good credit score can boost your buying power tremendously; a poor rating can make things more difficult. If you have bad credit, you can hardly hold your hopes up that a bank would approve your loan application....
3 years ago
How often do credit bureaus update my credit report?
It is up to your creditors to report any changes to the credit bureaus so they may update your report accordingly....

3 years ago
Use of credit reports to determine promotions or terminations
More companies are using credit reports to determine a potential employee's character and trustworthiness than ever before. One of the reasons is the ease of convenience for the employer. ...

3 years ago
Differences between hard and soft credit inquiries
Maintaining a good credit score is a difficult task for many consumers especially as the economy continues to circle the drain. What is the difference between hard and soft credit inquiries?...

3 years ago
A good credit report is required in the current job market
Companies use credit reports to determine a potential employee's integrity, dependability and length of job history....

4 years ago
The pros and cons of freezing your credit report
We have all heard the scary stories about identity theft, and many of us are wondering what we can do to protect ourselves from this growing threat....
4 years ago
A guide to reading your credit report
Credit reports play a large part in the financial life of consumers. Once you have your credit report, what will you see?...

4 years ago
Building your credit history
Until you have borrowed money and repaid it, lenders are very hesitant to loan money to you. Of course, you can't repay a loan until someone loans you money. Catch 22, right?...

4 years ago
The basics of creditworthiness
Many consumers don't bother to think about their creditworthiness until they run into problems trying to obtain a mortgage or loan...
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