Credit Report – Prevent Bad Credit Ratings


Once upon a time, it was only large companies that accessed your credit report, most of the populace was unaware that they could or should take a look and see what their credit score was. With the passage of new laws allowing all citizens of the United States one free credit report every year, times have changed, and people are more aware of what information they are giving to people without even knowing it.

Having bad credit can ruin your chances to get a loan for a car or house, or even for getting a credit card -- although many shady companies will be all too willing, at a vastly increased APR. The worst part about having bad credit is that, even if you get a loan, it may be a lower amount, or at a higher interest rate than it would have been if your credit was good.

This bad credit rating does not just affect individuals; it can affect companies as well.

It is important to know your credit report before going into any sort of borrowing situation. The fact of the matter is that a bad credit score is equivalent to a loaded deck when you are trying to obtain funds.

Debts to collection agencies, late payments, even too much credit spending as compared to your income: all these things can affect your ability to make ends meet. Knowing your credit score and how to fix it is a great step towards reaching the goals that were once out of reach.

Once you have obtained your credit report it is important to make sure that there are no factual errors that may present creditors with an incomplete or false picture of your credit history. If these errors exist then they must be fixed promptly, in most case by sending a formal letter to the credit rating agency requesting proof that the facts that they are presenting are truthful.

Getting a credit report can be the stepping-stone to a whole new financial life.

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