Why You Have To Check Your Credit Report

By Mike Wayman

Credit is something that is useful to everyone, regardless of their income. When you have good credit it is possible to get loans for a vehicle, a car, and pay a better interest rate on that loan. People feel more positive about their future when they have good credit because they have more options financially. What people don’t always think about is checking their credit report. An estimated 50-70 percent of the information found on credit reports is outdated. When a credit bureau obtains financial information on you, they don’t check it for accuracy. One mistake can cause credit problems, so it makes it necessary for every consumer to check on their credit to make sure there are no errors or outdated information.

Identity theft is another good reason to check on your credit. Information on your credit report will tell you if someone has been using your information to purchase goods or services or obtain credit in your name. When you look at your credit report for this information, check for the following errors: Spelling of your name, correct address information, previous addresses, social security number, telephone number, and employer.

Also look for public record information such as liens, bankruptcy, foreclosure and court judgments. Most importantly, check the status of your accounts being up to date with previous creditors. Look for negative remarks on your payment history. Reviewing your credit report once a year is a good rule to follow.

You May Be A Deadbeat And Not Even Know It!

By Mike Wayman

Have you seen the credit card commercials where the financially stable grandpa becomes victim of identity theft? They are hilarious and clever. In fact, they are particularly informative when it comes to the issue of identity theft - a common occurrence happening around the world. For those who are financially stable, like the grandpa in the credit card commercials, the risk of becoming a victim of identity theft and credit fraud is increasing.

In fact, if you think your credit is great but you have not checked the report recently, you could have a horrible report you do not even know about. One of the biggest myths about credit is that you do not need to check your report unless you are having financial difficulties. Do not become victim to this myth.

Check your credit report and look for discrepancies. You might be surprised what you find. It is extremely important that if you do find errors you take the steps to correct them. Even if you are not victim of identity left, there could be a chance that your payments were listed late when you paid on time. If you need to resolve certain issues, write your dispute to the credit-reporting agency. Once, you have done this give the agency 30 days to investigate your claim. It may seem like a hassle, but it is worth it to fix your credit.

4 Credit Myths Everyone Should Know

By Mike Wayman

Given the economic uncertainties that we live in today, it is not uncommon that you might consider applying for a loan or needing to make a purchase off of credit. What is the best way to go about getting the right financing for your needs? It probably depends on your situation. And while you have probably heard on the news the reports about banks tightening their standards, you still have options to get the money you need. However, you need to be aware of common myths and mistakes people usually make when it comes to dealing with credit. Here are 4 good myths to keep in mind.

1. Credit Score = Credit Report. There is a difference between your credit score and your credit report. The credit score is a number, while the report lists a detailed history of your finances. This “report” includes payment history, balances you might owe, anything past due, etc.
2. Don’t check your credit report if you’ve paid your bills. Today many people have become victim to identity theft. If you do not check, you will never know if you are one of them.
3. Checking your credit report damages your credit. This will not damage your credit. Check it today!
4. Boost your credit by paying off bills fast. Your credit score reflects payment over time. Your score will not change overnight.