Credit score and the report are in a way the indicators of your financial well being. It is therefore essential that you understand how they work and learn the ways to get any of the discrepancies removed from them for your own benefit.
Credit score is a three digit numerical number which is very important for a person as it decides that whether you will be provided with finance or not. Lenders decide to lend money after looking on your credit score whether it is good or not. It is good for you that you check your credit score twice or thrice a year. You must have seen on internet or television advertisement regarding free credit report and scores.
There was a time when very few people where aware as to what the credit scores are and the way they influence our lives. However, with the passage of time and the coming in of the recession where majority of people were faced with a crisis situation, credit score is now at the forefront and the much talked about topic in the financial world. Everyone is aware of the way it influences an individuals financial credibility and also how important it is to deal with them in time.
Looking at the high number of cases of bad credit, the government is also keen to let people know about their credit score and educate them about the ways it affects them and the ways to deal with them and maintain high credit scores. In an attempt to make it easier for the common man to access their credit reports the government initiated an act whereby all the bureaus are required to offer free credit access to all the individuals once in a year.
To make things simpler here are some of the ways which can help you deal with your credit score and know exactly where you need to approach to get hands on your credit report.
Deal with your credit score
There are many ways to check your credit score but the best one is annualcreditreport.com in which you can look at your credit score for free once a year and after that you will be charged with $8 for each agencies where you will check your credit score. It gives this service free for the first time without any terms and conditions. One can get the access within no time by accessing the information trough the website and can take timely steps to catch hold of any errors in the report.
If in case you have used your free credit check service then you have another option of viewing your credit score by going personally to the credit reporting agencies or you can go to myfico.com to look for your credit score which will charge you $15 for per report. If in case you are just planning to look for your credit score then it will be advisable that you go with only one agency and if you are viewing your credit score to improve it then it will be good for you to look for all three credit reporting agencies.
The last method of viewing your credit score is not a good option and experts recommend people to go with the first two options but not with this option as it’s very expensive. In this method they ask for your credit card number and allow you to view your credit report for a specific period of time and after that they start charging you monthly with some amount which will be added on your credit card bill. That is why it is very expensive method and you’ll get many complaints of customers for this website.
Loans and the credit score
Here are some reasons that why you need to check your credit score often
As you enter on a weight lose program then you generally notice that you have to keep on checking your weight regularly as to look whether it is decreasing or increasing, in the same way credit score is your financial health for which you have to keep on looking that whether your credit score is increasing or decreasing. If in case it’s decreasing then you have to take certain measures to improve your credit score as lenders decide by your credit score whether to lend you money or not.
Here in this article you’ll know further as to why credit score should be monitored.
You must have noticed that there are many people who face financial hardship. People usually blame bad economic condition behind their reason of getting in deep debt. But the actual reason for getting into deep debt is their bad financial management.
It is important for a person to keep on looking for their credit score time to time and if in case they find it getting decreases then they should find some measures to improve their credit score. Usually people look for their credit score when they need to borrow some money. Looking for credit score only while applying for loans for people with bad credit is not the right thing; a person should keep on checking their credit score to be safe from further problems in getting approval for loan.
The most important reason for looking of your credit score is to be safe from identity theft. Usually it has been noticed that your identity is stolen and the n a loan is taken on your name. so that is why credit check is important as it will keep a track on your fiancé and if there will be any miss movement by your name then you can easily track it and look out for measures to be safe from it. If in case your identity is stolen and someone else took a loan on your name then you your credit score will get lowered and if there will be no repayment of loan then your credit score will get affected negatively.
Another thing which states that there is necessity of checking your credit score time to time is to take out measures for repairing your credit score. Credit score is repaired slowly so you have to keep on looking on your credit score to find out ways by which you can get your credit score improved. People think that if they pay the monthly minimum balance of their credit card then their credit score get improved but the fact is it get lowered. To improve your credit score it is important for you to pay off your payday loans no credit check balance in full. It is important for a person to hold a strong credit score as every further financial decision by lenders are given on the basis of your credit score only.
Even you should keep on checking your credit score to look out for any type of errors in your credit report. Even sometimes there are times that credit reporting agencies enter some wrong information in credit report because of which your credit score is lowered down. You can track this wrong information and then you can report this mistake to credit reporting agencies with documents as a proof then your credit score will get repaired.
With all the knowledge about dealing with your credit report with you, all you need to do is to take the right approach and also take on the bureaus with a strong follow up in place to deal with all the discrepancies you have in your credit report. Learn how to assess the information in the credit report and deal with them at the earliest if you want to see your credit score in the top limits well above 700.