Credit Report
Report your Credit
July 21, 2011 | 
Author Every single thing you do with your credit cards, your car loans, your student loans, your home mortgage loans, any bank loans, is all reported by the credit companies to the credit reporting agencies. They do just that – Report your credit.
It seems like everybody is able to see your credit report, but most of us have not seen our own. If the banks and the credit card companies are looking at your credit report every day in order to mess with your interest rate, it is important for you to understand your credit report too.
What if I told you that the difference between a person with a good credit score and a person with a bad credit score can add up to a million dollars? Got your attention? I thought so. It makes sense that the better our credit score, the better rates we get and the better our financial situation
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Monitor your Credit Report
Review your credit reports regularly! Be sure they are accurate and free of errors. It is also a good idea to monitor your credit reports for any unusual items that pop up because identity theft is very common these days, and you do not want to be the next victim. A credit monitoring service can do this for you. Most people balance their checkbooks once a month. You should get in the habit of looking at your credit reports too!
Delete it
Do you have any collection activity happening? This item on your credit report is one of those negative pests. But there is a cure! Call the collection agency and simply ask if they will delete it from your record if you pay. Instead of showing the collections as “paid”, they can delete it from your record! Delete! Gone!
About half of all collection agencies will do this. Amazing, I know. They will completely remove it from your credit reports if you pay off the debt, or at least pay a large chunk of it.
If you are working with a collection agency who will delete it, do it! Find the money and get this item taken off your record! This is an unbelievable opportunity to make your debt problem disappear virtually overnight! Getting a negative item like this wiped off your credit report has a huge and immediate impact on your credit score!
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Get your Credit Report
Get your credit report, check for inaccuracies. Ninety percent of all credit reports have something wrong on them. If you don’t ever get it and look at it, how will you ever know if something needs to be corrected? The first step to creating wealth is getting your credit report.
And once you get the report, it is critical, crucial, and mega-important that you review it! Can I be any more clear? The credit score is the magic number that dictates your interest rate, your fees, your financial everything and the credit score is the direct result of whatever is on that credit report
Just get it
Each agency gives one freebie credit report per year. Get yours, order online, by mail, or request it over the phone. Or you can order them all atone with the Annual Credit Report Request Form. The name is self-explanatory, and it is free. Using the annual request also allows them all to know that you have gotten your one free report for the year, and now you will have to wait twelve months to use the annual service again.
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Credit Score
A secret mathematical formula is used to calculate your credit score. A higher score means you are more likely to pay your debts. The credit score system gets fairly complicated, and I’ll go into more detail soon. In fact, I will probably go into more detail than you may expect, but it is important information for you to know.
According to TransUnion, an individual’s credit score is a mathematical calculation that reflects a consumer’s credit worthiness. The score is an assessment of how likely a consumer is to pay his or her debts. In the world of make-believe, a creditor could ask a person, “Will you repay this debt?” The person talking the loan would respond, “I solemnly swear that I will.” And the person giving the money would say, “Good enough for me!”
But we don’t live in a fantasy world. Maybe the lenders can trust us, but we cannot trust them.
It’s a Numbers Game
The banks and credit card companies like the idea of using a credit score because it is designed to keep us paying them as much as possible, for as long as possible. They try to make the scoring system sound official, and complicated, and try to indicate that the credit score is used in order for them to be “fair”.
In some regards it is. Using numbers and data to evaluate if a person should get a loan or not was the original intent of credit reports and credit scores. It was supposed to be an objective way that every lender could have the same information to make a decision on whether or not they should give you a loan or a credit card. The credit report is like a big report card of every credit test you have ever taken. For most of us, we didn’t even know we were talking a test. Every month, our paying habits are turned over to the watchdogs.
Having a way to track a person’s credit record is good tool for the lenders. It is not a good system for the consumer. They system has morphed over time. What they don’t want you to know is that credit score system is rigged against the consumer. The banks like the credit score’s way of doing business because the score calculation is devised to keep you in their vise grip for a long, long time.
Credit Reporting Agencies
There are three national bureaus that keep credit reports on the good people of America. If you have any credit transaction at all, in any state, you have a credit history, and they have a credit report on you. The agencies are Experian, TransUnion, and Equifax. Their addresses and contact information can be easily accessible. The credit reporting agencies merely supply your information to the creditors, the banks are in the charge of deciding whether you’re qualified for credit. The banks and the credit card companies pay the agencies a fee to get the scoop on you and how you are with your money. The credit reporting agencies compile and update your credit information and provide it to the creditors – and you, but only if you ask for it.
The Credit Report
The credit report includes all your standard personal information, plus it lists all the credit card companies and banks that you have transactions with. It can be many since it lists all your credit cards, mortgages, student loans, car loans, home equity loans, etc. Basically the credit report is a detailed history of the life of you and your money, showing whether or not you pay your bills on time. Each of the three major credit reporting agencies has their own separate report, but they contain pretty much the same information.