Free Credit Report » Credit Quick Tips

Benefits of Checking your Free Credit Score & Report

admin — Wed, 25 Mar 2009 00:01:02 +0000

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

If you have a mediocre credit score:
Mortgage Loan Amount: $ 250,000
Interest Rate: 8.75% (2% difference)
30 Yr Fixed Rate Payment: $1,966 ($345 monthly difference)

Total After Finance Charges: $458,032 (That’s a $124,298 difference over the course of 30 years!)

The difference is truly astounding. The information on your credit report is a powerful force in your finances. Having a good grasp on what information appears on your credit report could save you hundreds of thousands of dollars in finance charges over the years in a long term loan. Explore your options, check your credit report, for free.

How to Correct a Credit Report Error

admin — Wed, 18 Mar 2009 07:29:09 +0000

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.

Once you contact the company, they will investigate the matter and if there is a mistake, you must have them submit a written confirmation to the credit bureau. When enough time has passed for the credit bureau to receive the notice, contact them and make sure the error is officially off your record.

The Truth Behind Minimum Payments

admin — Sun, 08 Mar 2009 08:18:03 +0000

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.

While this may seem all great for you and your checking account, the reality of the situation is, that it will take you almost twice as long to pay off your overall debt in the long run and you end up owing more than you would have if the higher minimum payment had been paid.

What this really means for you, is that credit card companies are tricking consumers into thinking that they are solving their economic problems, when in fact, they have found a way to wrangle even more of your hard earned cash into their greedy pockets.

Avoid Becoming an Identity Theft Victim

admin — Tue, 03 Mar 2009 06:58:29 +0000

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.

By not checking your credit score at least once a year, you can have no way of determining whether or not it contains the right information. A thief can easily hack into your computer, jack all your information, steal your credit, and run up charges on all kind of items you wouldn’t even dream of purchasing. Believe it or not, this is a real possibility for those of you who do not stay on top of your credit. So, make sure to check it often!

Reasons to Check Your Credit Report

admin — Sun, 01 Mar 2009 02:05:45 +0000

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.