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In this day and time, your credit scores are almost as valuable, if not more so, than the money you have in the bank.
Anything you want to do that requires some sort of credit check causes someone to view your credit report and scores. This can be something as simple as just a new cell phone or getting insurance on your home or new car..
Certainly if you go to purchase a new automobile or get a mortgage to buy a new home your credit report will be retrieved by the lender so they can view your credit history and your credit scores. Very few people have the cash to make a large purchase like these without credit.
But, more importantly, everyday life activities require that you have a good credit rating. If you aren't ready to buy a house but need to rent an apartment, then you will find that most landlords for decent places to live will require you to give them permission to view credit report before they will approve you as a tenant.
Obtain Credit Report
Employers will retrieve a prospective employee's credit report to determine if that person has the ability to manage their money, credit and debt well. If you are applying for a job with a bank or the government this is especially true.
Credit cards are the easiest way to establish credit, but they are also the easiest way to get in trouble with your credit rating.
When you get a credit card be sure and keep your balance at about thirty percent of your credit limit. This shows the credit bureaus that you do not max out your credit and are managing it well.
As you can see your credit scores and credit history impact your life in many ways. Therefore, it is good to keep an eye on your credit report and crdit scores yourself. Even if you thing you have done everything right you still need to view your credit report to make sure there have been no mistakes in anything being reported about you to the credit bureaus.
When requesting your credit report you need to ask for a 3 Credit Score and Report. This kind of report will allow you to view your credit history on file with all three of the credit reporting agencies (Experian, Equifax and TransUnion).
Due to the fact that all creditors do not report their loan activity to all 3 of the credit reporting agencies you may not see some items, if you just view your credit report from one reporting agency, that any lender might see when they review your tri-merge credit report.
A Child's Credit Report and Scores
If you have a child that is age 13 or older and has a Social Security number then you will want to keep an eye on their credit report and scores. Scam artist have learned that they can use these social security numbers in fraudulent activities and it won't usually be discovered for years; probably not until your child gets old enough to apply for credit in their own name.
For your child's benefit it would pay to monitor their credit report and scores frequently. You might even consider signing up for a monitoring service which would give you email alerts if their is any shift in your child's credit score at any time.
Credit Scores of the Elderly
The same is true for the elderly. Often as people grow older they make fewer and fewer purchases on credit, therefore their credit report and scores are check less often. Scam artist will seek out these social security numbers also because they know that it will be a while before their crime is even discovered and by then they will be long gone. But, getting all their damage cleaned up can take months.
Improve Credit Scores
When you have your creditreport if you need to learn how to read the credit report, dispute any credit items and discover more about how to raise your credit scores, visit: How To Fix Credit.
The important knowledge to take away with you is that one needs to view a copy of their government credit report and scores at least annually.
Credit Score Monitoring
If you are working on improving your credit scores and need to know what impact your actions are having on your credit rating then it would be wise to sign up with a credit score monitoring service. This way you won't be constantly pulling your credit report to keep up with where you stand.
In addition, if you have any concerns with regards to identity theft then the credit score monitoring route is definitely the one to take.
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