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Credit Reports and The Consumer
Do you care about your credit? Even if you are not looking to purchase a home or a car in the next few years, these are not the only people that may look at your credit report. Credit reporting can affect you getting a job, renting an apartment, getting credit, or many other things.
What exactly is on your credit report? Credit reporting includes a past payment history. Do you pay your bills on time? This weighs heavily on your credit score. Paying bills on time is a great way to increase your credit score. The amount owed versus the amount of credit you have figures into your credit score too. The length of time that you have had credit figures into your score too, as well as each time that you have applied for new credit. Each credit card loan, personal loan, car and home loan is listed on your credit report. All of these factors work into determining your credit score, which can determine interest rates, approval, and even a job.
Checking your credit report at least every six months can help you to stay on top of it and check it for mistakes. Credit reporting is not an exact science and sometimes there is false information mistakenly put on your report. It takes a while to clear this up, so it is a good idea to read your credit report carefully to check it for mistakes. This is also a great way to make sure that you are not the victim of identity theft. Identity theft is prevalent these days and credit reporting is one way for you to make sure that you are not one of its victims.
If you find mistakes, notify the credit reporting agency and file a dispute with them. They will investigate the mistake and determine whether it should be corrected on your credit report. If they do find that it is a mistake, then it will be corrected and a new credit report will be mailed to you.
Your credit score is a score that lenders give your credit report that will determine whether or not you get a loan and what interest rate that you will pay. Credit scores range from 350 to 850 with 650 being average. A lower score indicates to a lender that you are a higher credit risk. Your credit score is a constantly moving number dependent upon what your credit report says on a specific day. This is why it is so important to pay your bills on time and take care of any collections or other problems in your credit report.
Credit reporting is a very important part of any personís life these days. It can determine whether you can rent an apartment, get a job, get credit, and many other things. This is why it is so important to keep a check on your credit report to make sure that is correct. Keeping your credit as clean as possible can open or close doors more than you can ever imagine!
To find our your credit score you can visit http://www.credit-wisdom.com/cards/catagories/credit-reports.php
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