Archive for the ‘Credit Quick Tips’ Category
If you’ve been hearing about free credit report and free credit score offers, you’re probably wondering what the big deal is. Unless you don’t have a problem with paying high interest rates and fees to lenders, you should consider getting some background information about your credit. Consider this, the range of your credit score can affect how much you will pay for your monthly mortgage payment, for example:
If you have a good credit score:
Mortgage Loan Amount: $250,000
Interest Rate: 6.75%
30 Yr Fixed Rate Payment: $1,621
Total After Finance Charges: $333,734
Correcting an error on your credit report may not be as simple as it sounds. You can’t just call someone, report the inaccuracy, and expect it to be erased promptly. Not that it is an exceptionally long process, but, there are a set of crucial details you need to be familiar with in order to present your case.
First thing to consider, is thoroughly reading through your credit report in detail and be sure that any inaccuracies you find are in fact, inaccuracies. Next you need to contact the credit bureau with your concerns, and then they will connect you to the companyÂ you need to speak to.
Don’t be fooled by this month’s surprisingly low minimum payment on your credit card statement. In an attempt to increase their number of minimum payments reached, credit card companies are requiring something around 2% of the total balance, which is quite lower than many companies previously required.
A shocking 20,000 people fall victim to identity theft every single day, it certainly makes you think twice about whether or not you may be one of them. The reasoning behind this aw-inspiring statistic is that the majority of people have no clue what is going on with their credit, and seem to not even care.
There are two main reasons you should check your credit report. First, to detect and protect against identity fraud before you become a victim. And second, to be an educated customer about credit services.
No one thinks that identity theft will never happen to them, so when it does, they are often entirely unaware. Checking your credit report often can help you detect fraud and resolve the issue before it is too late. Furthermore, being educated about credit services can help ensure your financial security, as well as promote an environment for good credit as opposed to fair or decent credit.