One might wonder: what is the big deal of a credit report? The short answer is: everything. Every financial activity that is traceable to you will be documented on your credit report. It is a sad fact, but it is true. It is like having private eyes looking over your shoulders and documenting everything you did financially. There actually 3 bureaus doing that for you: Experian, TransUnion, and Equifax. They publish credit reports on your financial well-being in return. When you want to apply for a loan, whether it is for a car, mortgage, cell phones, or business loan, companies and banks will look at this report in making their decision. This report tells whether you have any delinquent accounts or complaints (derogatory comment), which is very detrimental to anyone’s credit report.
Now, having cover the importance of this credit report, let’s talk about the tips and tricks on getting the best credit report.
It is FREE and you should never pay for it. The law states that you are entitled to a free credit report once a year.
You can get it free for more than once a year – which typically requires you to sign up for the credit tracking program, usually at a fee. However, if you cancel your membership within the trial period, you don’t pay anything. We highly recommend this approach. Some programs can even allow you to access all 3 reports and your credit score.
If you are planning on making any big purchase that will require financing (a car, a house, a new 100” television, etc.), you should get your credit report 2 to 4 weeks in advance and bring with you. You will find more than a handful of cases online where companies want to OVER CHARGE you for your bad credit. Stick your credit report to their face if they try that on you.
Do call the credit bureaus and correct any mistake on your credit report. Your financial power is only as strong as your credit report on paper. This is really the least that you can do. Ace it!
