You might not know it but your credit score has a major affect on many aspects of your everyday life. These days, credit reports are being considered in many situations. If you want to apply for a job, they may check your credit report. If you want to buy a new home or car, once again your credit report is a major focus. With so many reasons to monitor your credit report, it is recommended that you check your credit score report often to make sure that everything is as it should be. In this article, we’ll talk about why it’s so important to check your credit report regularly and how to get a free credit score report.
What is a Credit Score?
A credit score is a figure that represents your payment history and credit history. A higher number is better than a lower number. Credit history bears the most weight on your credit score and credit histories go back 7-10 years. Credit history is mostly your payment history and your ratings will drop if you are late on payments or have a bankruptcy. AnnualCreditReport.Com
It is possible to have three different credit “scores” for one person because there are three different credit bureaus that monitor this information. Generally, your credit scores are not drastically different between one bureau and another and lenders tend to go with the highest of the three when considering you for a loan.
If you are considering a change of careers or are planning a purchase that requires credit, you absolutely must check your credit report before applying for a loan. This is so important because it gives you a chance to see if everything is where it should be or if you need to correct mistakes or bring a forgotten account current.
With identity theft becoming more common of a crime, it is a good idea for anyone to monitor their credit. If you see entries on your credit report that are not yours, you can report the discrepancy to the credit bureaus. If you are not keeping a close eye on your credit, these erroneous entries can damage your credit rating without you even being aware of it.
It is easy to get a free copy of your credit report from one of the many AnnualCreditReport.Com online free credit score report sites. For a list of the best places to get all three bureau’s scores and reports, check out the link below this article. It is also a good idea to find a fair offer for credit monitoring. Credit monitoring is an excellent alternative to hand checking your credit reports each and every month.
By keeping your credit score high, you can be eligible for better rates on loans and loans of a larger amount. Better rates alone can translate to thousands of dollars in savings each year just because you have maintained a good credit score.
If your credit score report comes back with a lower score than you expected, you can repair your credit and increase your score if you are diligent and have some time before you must apply for a loan. Especially in the case of a mortgage loan, it’s worth the time and money to qualify for the best loan you can get.
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