Apply To See Your Credit Report And Change Your Credit Score
Your credit score has become an important tool that is used to make decisions about you. When you apply for credit cards or a car loan, this will trigger a credit check and generate multiple credit scores. Based upon these scores, lenders make decisions about whether or not to lend to you, how much to lend, and at what interest rate. Credit scores are also used by potential employers, utility and service providers, along with other companies you do business with.
It is therefore incredibly important to improve your credit score. Different credit reporting and scoring companies use different methods to assemble credit scores, but the methods are similar enough that taking certain steps can improve each of your credit scores.
First of all, you need to know the players. There are three major credit reporting bureaus. Each of these has a file about you. Their files are built up over time by assembling the information that credit providers give the credit bureaus. Each time you obtain credit, it goes into your file; and then the credit provider gives the credit bureaus a record of your repayment of that credit.
For example, you have a car loan that requires you to make a payment on the 5th of each month for 36 months. Over the first year, lets say that you make two late payments on the 20th of the month, while the rest are considered on time. The lender sends a report of this repayment activity to each credit reporting bureau. Each bureau uses their own proprietary formula to compute your score based on the information reported by creditors to them.
As the scores can differ somewhat, the next step is applying to check your credit report. The information here is vital, it can be though of as your financial health record. There are many offers on the internet that can be used to check both your credit report and your credit score.
After you have obtained your credit report and score, look closely at the information that has been provided by your creditors. Be sure that all the creditors reporting to your credit file are actually your accounts. If you see creditors on the report that you did not borrow from, you can easily improve your score by having these incorrect entries removed from your report.
Finally, review all payment histories to be sure that they are accurate. If a creditor has reported incorrect late payments, or does not show payments that you make, correcting these can greatly improve your credit score. Your credit score report will contain the addresses of the credit reporting bureaus. Just follow the instructions to write to the bureaus and identify errors in your report
Each credit bureau will individually look into errors. Sometimes you will need to communicate with the bureaus more than once to get things resolved, so it is important to keep a file of letters and responses. As you remove the incorrect late payments or other inaccuracies, your score can improve dramatically in a short time.
Apply to check your credit report as soon as possible, and then at least annually. The more you know about your financial health record, the better able you will be to improve your credit score. Credit scoring is so commonly used today that improving your credit score will help you in many ways.
It is therefore incredibly important to improve your credit score. Different credit reporting and scoring companies use different methods to assemble credit scores, but the methods are similar enough that taking certain steps can improve each of your credit scores.
First of all, you need to know the players. There are three major credit reporting bureaus. Each of these has a file about you. Their files are built up over time by assembling the information that credit providers give the credit bureaus. Each time you obtain credit, it goes into your file; and then the credit provider gives the credit bureaus a record of your repayment of that credit.
For example, you have a car loan that requires you to make a payment on the 5th of each month for 36 months. Over the first year, lets say that you make two late payments on the 20th of the month, while the rest are considered on time. The lender sends a report of this repayment activity to each credit reporting bureau. Each bureau uses their own proprietary formula to compute your score based on the information reported by creditors to them.
As the scores can differ somewhat, the next step is applying to check your credit report. The information here is vital, it can be though of as your financial health record. There are many offers on the internet that can be used to check both your credit report and your credit score.
After you have obtained your credit report and score, look closely at the information that has been provided by your creditors. Be sure that all the creditors reporting to your credit file are actually your accounts. If you see creditors on the report that you did not borrow from, you can easily improve your score by having these incorrect entries removed from your report.
Finally, review all payment histories to be sure that they are accurate. If a creditor has reported incorrect late payments, or does not show payments that you make, correcting these can greatly improve your credit score. Your credit score report will contain the addresses of the credit reporting bureaus. Just follow the instructions to write to the bureaus and identify errors in your report
Each credit bureau will individually look into errors. Sometimes you will need to communicate with the bureaus more than once to get things resolved, so it is important to keep a file of letters and responses. As you remove the incorrect late payments or other inaccuracies, your score can improve dramatically in a short time.
Apply to check your credit report as soon as possible, and then at least annually. The more you know about your financial health record, the better able you will be to improve your credit score. Credit scoring is so commonly used today that improving your credit score will help you in many ways.
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To find out exactly how you can get your annual credit report visit my credit report website.
posted by Debt Consolidation Loan at
10:12 AM
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