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Your Credit Is Important
Have you tried buying a house, buying a car, renting an apartment, or applying for credit for monthly housing expenses like gas, cable, and utilities? Have you applied for a new job and been trying to get affordable car insurance? Your credit affects many aspects of your life, having a low FICO score can affect your ability to get a job, get an apartment, get a home mortgage, car loan, personal loan or credit card . A low credit score can affect the cost of your car insurance, your ability to get services, and the rates you pay on loans. Many employers, landlords, utility companies, insurance companies and lenders require a credit report as part of their evaluation.
The first step to understanding your credit is to get a free copy of your report from the three major reporting agencies; Experian, Equifax and Transunion. All consumers are entitled to a free credit report, every 12 months, from each of the major bureaus. The Federal Trade Commission is a valuable website with information on how to get your free credit report and your rights under the Fair Credit Reporting Act (FCRA). You may get your credit report more than once a year; if you receive an adverse action from a company, you can request a copy of your report within 60 days of the adverse action notice or if you are unemployed and plan to look for work within 60 days, you also have the right to request an adverse action. report There are three ways to get your report, you can apply online, by email or by phone. There is an additional fee to obtain your credit score from each of the reporting agencies.
A credit report includes your name and all names you’ve used, your date of birth, social security number, and address history. Your report will show creditors that have reported to the bureau in the past 7 to 10 years. Each creditor will display a portion of your full account number, when the account was opened, when activity was last reported, how many months it has been reported, and how many times it has been 30 days, 60 days, and 90 delinquent days It will also show the dates of late payments and report the current status of the account.
Credit scores are calculated by evaluating a consumer’s mortgage payment history, revolving credit card debt and reviewing installment debt; these are the three major types of credit that a consumer may or may not have. The items that most negatively affect your credit score are late payments, charge-offs, charge-offs, negative public records, number of credit inquiries, high credit card balances (anything over 30% of your available balance), and late payments Your report will show public records, including bankruptcies, tax liens, and judgments.
If you find adverse or inaccurate items on your credit report, research how to correct those items; resolve and pay old medical bills with a expungement, payment and/or settlement of old charges and collections, ensure all public records have been released and review any negative items that may affect your credit score. Most credit bureaus keep your information for 7 to 10 years from the date of last activity. Consult with an expert when paying or settling old accounts, sometimes paying old debts will negatively affect your score; especially accounts that have been inactive for several months or years. Ignoring credit problems won’t make them go away; educate yourself on how to settle debts for less, how to get a write-off, how to get a credit card company to re-age an account to eliminate late payments. Work aggressively with creditors and the three major credit bureaus to restore your credit score.
Take the time to repair your credit and keep good written records, in case you have a future dispute. Consult a professional if your situation is too complicated to handle on your own. You can do anything a credit counselor can do, just take it one creditor at a time. Your credit score matters and is important to your financial future.
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