Do you know that you are entitled to a free copy of your credit report annually from 3 credit reporting agencies? These agencies are responsible for credit report which include credit Experian, Equifax and Trans Union.
When you take a credit line of a company, a company that will report their debts to one of the 3 companies. Some of the companies report are more than one, but not bulk of them. That is why it is important, for you to pay attention to your credit and your credit report annually from the three companies. In this way, you able to see its credit position wise, and already know what to whom.
Why it is so important?
Why is making your annual credit report important? It is vital for several reasons.
First of all, you must tell how much and to whom which can keep you informed should you’ve been a victim of identity theft. You can tell if someone accidentally has reported debt that does not belong to you, may allow you to check if all of your personal and credit information are correct and match for other reasons.
Did you know that you do not have good credit can bar you in some places and may even cost more money in most of the things you intend to buy. For instances, if you have damn bad credit, you can not get any job at any bank. You will also have to pay much more money should you try buying a house or a truck for yourself. Most importantly you looked bad by companies that want to open a line of credit.
For above mentioned, you have all the reasons to benefit from Free Annual Credit Report.
When you get your credit report annually, to see how much we owe and we owe that amount. If you have a bunch of small balances, try to pay off a little at any given time. With that little effort you have more time to dramatically increase your credit score and you will be surprised by the rapidity with which to repair their credit.
Then, you will be getting much lower interest rate when you want to buy house or car, which will definitely save a lot of your hard earned money in the long run. Not to mention you can obtain that dream job you’ve always wanted.
If the balances on your credit report annually are high, not stress. Contact your creditor and ask them if you can solve the problem; if you have enough money, or setting up scheduled payment plan. Sometimes, by creating this payment plan with the creditor, the company will have its derogatory marks on your credit report annually.
Seven to 10 Years Record Keeping
Keep in mind though that most derogatory items; like late payments or lack of payment, will remain in your annual credit report for 7 to 10 years. Nevertheless, if you prove that you are trying to fix your credit report, you will make wonders in the eyes of potential lenders that you are indeed trying to get credit lines.