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Sunday April 30th 2017

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Good credit is important

A credit report records many of your monthly commitments and tracks how good you are at paying them on time.  You can get access to your credit report online.  There are many options out there that include free and paid versions and subscriptions.

A good credit history is imperative if you wish to purchase many things today.  When taking out a loan on a car, new home or even on a new electrical purchase, your credit report will be consulted and if you don’t have any adverse information showing, you are more likely to get credit at a competitive rate.

A normal credit score in the US is normally between 300-900. A good credit score is considered to be around 800.  On the other hand a bad scores is around 300 with the average credit score of an American being approximately 720.

If you have a bad credit score, then you will need take action to rectify this before you decide to apply for more credit. Every application that gets rejected will be highlighted on your credit report and potential, future lenders will be able to see this.
free credit report
You should be aware that many times, credit reference agencies hold inaccurate information on these reports, so it is very important to review your credit report from time to time.  A recent survey showed that nearly 80% of credit reports contained mistakes of some kind. Taking into account that these reports can affect our lives, the statistics are quite worrying.

Getting a copy of your credit report and checking it for errors is important for your financial health. Even a small error on your credit report can make a big difference to your credit score. A higher score usually means that you will be eligible for lower interest rates.

Under law in the United States, you have the right to obtain a free credit report once every year.  Many people can feel daunted and don’t realize how simple it is to check their credit reports.  In reality, its quite simple.

When you get your free report via a free method, you should be aware that you will not be able to view your credit report again for another 12 months.  This can be restrictive if you want to keep a close check on your credit score and any changes that might occur.

If you choose a paid option to obtain your report, you can view it anytime you like.  These paid services also offer extra features that will provide updates if anything changes on your report. They will also let you know if you need improvement in any area.


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