Your credit report is used by many different lenders and other businesses to make decisions about you. When it comes to your credit report, it's what you don't know that can hurt you. Credit card companies, mortgage loan companies, car loan and insurance companies, even landlords and employers check credit reports to find out about your credit past. The reason? They assume if you were responsible in the past, you will most likely be responsible in the future.
When it's time to consider any sort of financial move -- a new home or car, a new credit card, a new auto insurance policy, even a new job -- it's time to check your report.
When you get your report, review it carefully. If you see problems on your report, such as an unpaid bill that you simply forgot about, act right away to resolve the debt. Then ask the business to whom you owed the money to send a letter to the credit reference agencies saying that the matter has been resolved.
Also, make sure your report is accurate. Check for accounts you didn't open, charges you didn't make, and delinquencies you didn't cause. If you see evidence of fraud, contact the credit reference agencies immediately. Explain the situation and ask that an alert be placed in your file. Also, report the fraud to the police.
Your credit report will follow you throughout your life and can help you financially -- or hurt you. Review it carefully!
Get the Equifax Credit Report™ and see your credit history.
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