Why Review Your Credit Report?
Why should you even take the time out of your day to go get a credit report?
You always have people talking about credit reports and Credit in this that and the other, but maybe you don't need any credit right now. Maybe you have no plans of getting a new car or house or Store card at Belks. Everyone is doing their own thing at their own time. Mistaken listed as deceased by Equifax, Experian, and TransUnion is common.
However, there will come a time when someone will want to look at your credit report. It may be a new job or it may be one of the above reasons.
Regardless, when that day happens you will want to make sure that you have your best foot forward and that the information that people see about you is correct, complete, and not misleading in any way.
As you probably know that if you have a higher credit score your ability to borrow money increases and the amount of interest that you have to pay back on that money is significantly lower. So even doing some of the small things that may seem marginal or not important can actually play a huge role.
Damage to Credit Score
+100 points off your score
+240 points off your score
A good credit score is a blessing, but it is hard to maintain. A lot of people are facing bad credit today and most of them are unaware of how bad it is for them and their families.
The amount of debt you have and the credit card payments you make have a huge impact on your overall credit score. Most financial institutions often make decisions based on information contained in your credit report.
Not only will the lender will check your credit score, but they will also compare your minimum monthly payments with your gross monthly income. This is called debt to income ratio and it is extremely important for your overall financial standing.
If you are facing debt issues, this can make your life extremely difficult. Following are some of the cons of living with bad credit:
One of the major drawbacks of having a low credit score is the fact that you will get frequent denials for your loan applications. Being denied for a loan due to bad credit will not only hurt your reputation, but it will have a negative effect on your future loan applications
Lenders and creditors will put your name on the black list and you may not be able to secure any financial support until you improve your credit score. You may be offered higher interest rates due to higher risks.
You will be paying a lot more than you would if you had a good score.
When it comes to renting a home or apartment, the landlords will often check your credit score prior to giving you the lease. So if you have a bad credit, they are likely to decline your application, as they might think you are less likely to pay them.
If you have a history of poor credit scores, you may have to make massive security deposits for various things and facilities, such as utilities and cell phones.
The financial decisions you make today will have a direct impact on you and your family. This will lead to unnecessary stress and anxiety, which is likely to disturb your personal life and affect your relationship with your family.
Your financial standing has a huge impact on your relationship with your children. They often copy their parents and there is a great possibility that they may follow suit.
If you have a low credit score, you may not be able to secure a decent job. This may hurt your impression, as the employer will view this as an irresponsible act.
With that said, bad credit can ruin your life and affect your daily routine. Therefore, if you want to maintain a good credit score, be sure to make payments on time and try to attain financial freedom.
It's for this reason did she want to go ahead and look at your credit report especially if you have no need to apply for credit. One of the most important reasons I would say that you need to pull your credit report is because it's estimated that over half of the people in America have something wrong on their credit report.
I'm those people with something wrong on your credit report over half of them will not be able to get the problem resolved by themselves.
That even includes people that actually take the correct legal steps and do everything perfectly by the book. This takes time. And for those people who the errors will not come off, those people will need the help of a consumer credit reporting attorney. Otherwise the inaccuracies in the wrong credit reporting will continue for years and years.
These are the reasons why everyone should look at their credit report at least once a year to make sure that all reports are reporting accurately. We have recently released a new guide to how and where to pull your credit report that you should now proceed to review.
Our Law Firm wishes you the best luck. We hope that the articles that we have on this site will continue you towards your path of an accurate credit report.
Please remember that if you have taken all the proper steps and inaccuracies remain on your credit report, you may be entitled to compensation under the Fair Credit Reporting Act.
If this is you, please contact our office to see how we may assist you or put you in touch with someone that is best suited for your specific needs. Thank you and take care.
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A debt collection company isn't allowed to give false data on a credit profile. If you have reported some incorrect information to the appropriate credit agencies, you're entitled to compensation.
If the debt collection company is inaccurately compiling your credit history, in line with the legal requirements, you have the authority to compel them to correct those mistakes and you ought to be compensated monetarily.
Should you require details on the necessary steps to take to challenge erroneous information on a credit report, you might want to study our detailed post on how to challenge an error that's been entered on your Equifax credit history.
In the same article, you can also obtain info on the way to question mistaken reports on Experian and Transunion.
Should you have already challenged inaccurate details on a credit history and it hasn't been amended, please contact us and we will work with you to settle your case with the collection company.