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Ideally, your credit report is an accurate, up-to-date reflection of your credit history. However, since we don't live in an ideal world, there are many reasons that your credit report could contain inaccuracies that might prevent you from receiving the credit you deserve. The good news is you can take action to keep your report accurate. Here are the top five reasons why you should make a practice of regularly reviewing your credit report:
Inaccuracies & Mixed Credit Files
Many inaccuracies on a credit report can be the result of simple human error, and are therefore are not difficult to dispute. Of course, if you don't order your credit report, you might never know about it. Whether the inaccuracies relate to payments not credited, late payments, or data mixed in from the credit file of someone else with a name similar to yours, you will want to contact the credit bureau to dispute inaccurate information promptly.
Tracking Payments
One of the most important elements of credit is a demonstrated history of on time payments. Once you send the check though, anything can happen--a delay in the payment being received can kick you over to a 30-day delinquency. If you call your creditor and explain the situation, they might adjust the information. Of course, if you don't read your credit report, you won't necessarily know which payments are being received and reported properly.
Identity Theft
This issue alone is reason to order your credit report immediately. Identity theft is an insidious crime, involving a thief who assumes your name to open new accounts, divert your card statements to another address, and run up all sorts of bad debt without you ever knowing about it until collectors come calling. Over time, identity theft could jeopardize your ability to obtain further credit. The best way to catch a thief who is using your name is by getting a copy of your credit report, which will show you if there are accounts listed you know you haven't opened. For example, if a thief has intercepted a pre-approved credit card offer in your name and sent it in with a change of address, your credit report will include the account.
Inquiries
If you're shopping around for a loan or more credit, you should know that when creditors check your credit, it places an inquiry on your credit report. Inquiries can add up, which is often interpreted as a negative by creditors. For this reason, too many inquiries can actually make getting credit more difficult. Moreover, if you didn't authorize someone to look at your credit report and they did, they may have broken the law.
The credit blacklist myth
It has never seemed easier to borrow money, so if you do get turned down, the obvious question is “Why?” swiftly followed by the nasty suspicion, “Maybe I’m on a credit blacklist.”
The good news is that you're not. In fact, there’s no such thing as a credit blacklist. But there is a host of reasons why you might be rejected.
Your credit report has worried the lender. This unique, personal record of your credit history could show that you already have a number of loans and the lender may be worried that you will not be able to repay another. You will also find advice that will help you to improve your report. Click here for a free copy of your credit report from Experian
You may not fit the lender’s profile.For example, a credit card issuer may only give cards to people who already have fewer than three, or a mortgage lender may specialise in first-time buyers.
You are a non-standard credit risk. According to Datamonitor, the independent market analyst, more than one in five adults in the UK are deemed non-standard. They may include the self-employed, others who cannot provide sufficient proof of income and people who have an outstanding county court judgment (CCJ) against them or have had their homes repossessed for non-payment of mortgage.
You move around. Credit companies look for stability – for example, living at the same address for at least three years or having a long-term relationship with the same bank. So, if you move around a lot or switch banks often, this may tell against you.
Your credit score wasn’t high enough. Lenders generally base their decisions on a credit score, which they calculate using the information in your credit report and your application. Every lender has a different formula which can even vary from one type of loan to another. To get an idea of how lenders may regard your application you can become a member of CreditExpert and order your Experian Credit Score for just £5.95. It is based only on the information in your Experian credit report, so it will not be the same as the one generated by a lender, but it will give you a good idea of what they may think. Click here to find out more
Credit Fraud--Unauthorized Charges
Credit fraud involves the theft of your credit card or account number to make unauthorized charges to your account. Though consumers are protected financially from this abuse, other creditors may take note of all this activity and decide to raise your interest rates or refuse to grant you a loan. Ordering your credit report will help you catch new activity on accounts that you haven't been using, or may have closed.
Freedom To View Your Credit History Online
Did you know that your credit report information is very important to lenders when they are deciding whether to give you a loan or credit card? Which is why it's important to make sure your report is accurate and up to date.
CreditExpert is the first and only online credit monitoring and identity fraud protection service of its kind, it's simple to use and it's free for 30-days!
Get your free Experian credit report and 30 day free trial of the CreditExpert Monitoring Service. >
What you get:
* Know your credit history before you apply for credit
* E-mail and text alerts for early fraud detection
* Freephone advice from credit reference specialists
* Credit tips and tools to help you manage your money
Click here for your FREE Experian credit report
When it comes to managing your credit worthiness, your credit report is your best resource. Ordering your credit report gives you the opportunity to manage your credit wisely today, while planning your credit strategy for achieving future goals--a credit-savvy move every consumer should make!
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