3 Things You Should Check in Your Credit Report

Companies request your credit report every time you apply for credit of any sort, in order to determine if you are creditworthy or not. Current or potential employers, government agencies, and any business with a legitimate reason can also access it. If you’re buying a new car, you can be sure that your credit history will affect your financing rates.

Credit reports are not free of mistakes. It’s essential to check your report on a regular basis to fix inaccurate information. These inaccuracies can cost you dearly by raising your interest rates or even resulting in credit denial. The best way to do it is to get a copy of your credit report once a year from each one of the credit bureaus: Equifax, Experian and Transunion. There are also online services that will obtain all three for you.

The actual document is full of numbers that include your past and present credit transactions, legal standing on financial matters, payment record, bank accounts and personal information. Based on all of these numbers, the credit bureaus assign you a credit score, a final tally that predicts how creditworthy you are. To make sure your credit score is an accurate reflection of your ability to borrow and repay money, there are 3 very important items you need to look at:

Credit History

Make sure the amount on your loans and delinquency (if any) are accurate. Too many loans put pressure on your line of credit and you’ll be eligible for less money.

Public Records

Favorable information stays on your record indefinitely. Negative information should be deleted after 7 years or 10 if a bankruptcy is involved. If old information affects your score, request an immediate update.

Account History

Make sure payment records are correct. Remember that late payments lower your credit score. Credit cards are interpreted as potential debt, so keep them to a minimum.

If your credit score doesn’t make the cut after you check these things, maybe credit counseling will help. Be patient and avoid risk. Don’t be greedy and your score will rise steadily.

When your credit score is where it needs to be, it’s time to start getting quotes for vehicles. Click here to get free, no-obligation quotes from any certified dealer in your area. You can use quotes from competing dealers to negotiate a better deal. Click here to fill out our secure form.

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