Oct
6
Whether you like it or not the rules are set according to your credit score. Here’s what that means. If you have good credit, then you set the rules. If you have bad credit, then you will not have any choice other than to play by somebody elses rules and it will cost you. Because research has proven that your credit report, although it is based on your past payment history, it still is the most accurate ‘crystal ball’ of looking into the future regarding how you are likely to act pertaining to financial decisions. So the bottom line is, you are a better ‘bet’ for turning out to be a good decision if you good credit, and if you have bad credit, then the ‘chips are stacked against you’.
The customary practice is for whoever is looking to provide you with credit will be the ones who will get the personal information they need from you and simply input this information to their credit service and your credit score pops up right away. This process is often called ‘running your credit’ or ‘pulling your credit’. Once they have the results they will compare your credit score with what standards they require and you will either be accepted or rejected.
Common sense tells you that you should do your homework before you allow somebody to see your credit report. In other words, you want to ‘pull your own credit’ before somebody else does so you will not have any unpleasant surprises waiting for you that you can not explain. This is vital for loans as well as if you are trying to land a job. No loan providers or job interviewers want to be surprised by what they find on your credit history so honesty and preparation will be your best bet to overcome any dings on your credit history.
You could think your credit is great, but in the era of ID theft you can never be sure. ID theft is the number one reported crime to the FTC. And today’s technology makes it shockingly easy for somebody to get your identity and do fraudulent things so fast that you do not even know it occurred until it is too late. It is cyper pick pocketing and the best defense really is a good offense by regularly looking at your credit score to track whether you have become a victim of a cyber pick pocket.
It has been said to error is human and to forgive is devine, but with credit companies they often only read the first part of that quote! Big credit agencies regularly report inaccurate information. The bad news is you usually do not find out until the damage is done. And that is another reason to monitor your report because an ounce of prevention can mean pound of money either lost or made based upon your credit report!
Good news is there are really only the big three credit reporting agencies that you will need to request your free credit report from. The bad news is there are only the big three. Since there is only the big 3 credit agencies they basically have a monopoly on your credit score so you better play by their rules. The 3 are Experian, Equifax, and Trans Union. As mentioned before you can get your report Free on an annual basis.
It is not rocket science, nor does it take a genius to recognize that there is so much riding on the almight three digits called a credit score. That is why you must get your free credit report. And wise people will monitor theri credit on a regular basis and think of it almost like an insurance against the constant threat of ID theft. Quickly seeing a problem is the best way to quickly fixing the credit problem.
The benefits outlined are merely a few of the many benefits of getting a free online instant credit report. The peace of mind as well as the financial stability are compelling reasons alone. It is almost a necesarry evil that you must adapt and evolve or your credit will become extinct and as your credit goes so does your finances.
Remember these tips and you can be sure that you will be able to obtain your credit report and also make sure that you have a good credit score or rating before you actually apply for a loan or a credit card.
How much is enough you ask? The answer is there is no such thing as enough precautions when it comes to protecting your credit score. Paranoia is good when it comes to watching your credit history because your credit score is basically your financial axis that your financial world spins around. Besides, you can get the credit report absolutely free. That makes this a no brainer.
I genuinely desire that you have found this information to be useful, but more importantly I hope it motivates you to go get your free credit report today and take the steps necessary to protect your financial future.
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Good post.