subject: The Actual Cost And Importance Of Knowing Your Credit File [print this page] A wise consumer will get a copy of their up-to-date credit report before making any major purchase that involves financing. The reason for this is that a credit report and score can make or break your purchase and most credit reports do contain discrepancies. The problem is that most individuals are uninformed of the invalid credit on their report and they end up getting an unwelcome blow.
Credit bureaus handle a enormous amount of information and it is probable that as many as 75% of all credit reports contain discrepancies that can inhibit a person from getting the credit that they need. Many of these errors and errors can be removed or improved by using different credit repair techniques.
Most folks are aware that inquiries into their report can have an effect on their credit score but the reality is that only inquiries from lenders influence the credit score. When someone obtains a copy of their own individual credit report it has no effect on the credit score as it is considered to be a soft inquiry.
Even one single inaccuracy showing up on your credit report can stop you from getting the credit that you applied for. You could also be charged a higher interest rate or down payment if you do get the credit. Currently, credit reports are becoming even more crucial as insurance companies are using them to reject coverage and some employers are even using them as a hiring tool.
The truth is that there are many circumstances in which people may request to see your credit report. Utility companies, landlords, insurance companies, hospitals and doctors, not to mention the ones you predictably expect such as mortgage companies, credit card issuers and other lenders. It is critical to know however that it is against the law for anybody to examine your credit without your unambiguous agreement.
It is simple to check your own credit scores. Just contact the credit bureaus and make a request. You are permitted to acquire one copy of your up-to-date credit report from all of the three main credit reporting bureaus one time per year. The credit bureaus do not swap or share information so it is crucial to get all three. Also, a lender may use all three reports or just one and you never know which that will be so you need to make sure all of them are satisfactory.
Take advantage of the without charge annual credit report and make sure to inspect your report on a consistent basis. If there is a lot of bizarre activity or you have a alarm about identity theft there are credit monitoring services that will inform you of any type of modification happening on your report. These services are just an supplementary service that can be advantageous but they are not necessary.
You, the customer, are really the only person who is concerned about the listings on your credit report so it is your responsibility to make sure that you know what is being reported. When you are conscious of problems you can take the credit repair steps that are necessary to fix your credit.
