Let's get Started!
Did you know that mistakes on people's credit reports cause them to pay higher interest rates than they should? Credit repair expert Jim Kemish talks about how important it is to check and fix your credit regularly.
Mistakes on a Credit Report
The credit reporting business isn't perfect by any means. And yet, everything about your money depends on what's in your credit report. There are three major credit bureaus that keep credit records on 200 million people. There are mistakes on the reports of more than 150 million of these people. The effects of these mistakes could be huge. Almost all lenders, from mortgage lenders to car loan companies, will use your credit score to decide what your interest rate will be. Even small mistakes can have a big effect on your credit score, which can mean that you have to pay more for every dollar you borrow.
A Dramatic Impact
Don't just waste your money. If your credit report has mistakes, you may be paying hundreds of dollars more each month than you need to. Quit it! You have more power than you think over what's going on. The laws that control how credit reports are made are there to protect you. The Fair Credit Reporting Act (FCRA) and the Fair and Accurate Credit Transactions Act (FACTA), which was added in 2003, tell you how to fix mistakes on your report. A good credit repair company can use these laws to make sure you're not wasting money on things you don't need. Errors on your credit report should never affect your credit score. But you have to do something.
Get a report on your credit
In order to protect you from mistakes on your credit report that could change your life, the law says that the three major credit bureaus must give you a free copy of your credit report once a year. http://AnnualCreditReport.com is the website that the government has made everyone use for this purpose. This is the only site that was made for this. Use it! How do you make a living? Do you want to have more money left over at the end of the month? Do you want to save more money? Don't just let your money go! Make an effort to make sure that your report is free of all mistakes. A professional in credit repair can help you figure out all of the things that can hurt your score.
Give yourself the chance to be right.
So, you may have done wrong things in the past. Almost everyone has. That's no reason to ignore your credit report. Too many people feel bad about mistakes they've made in the past and are afraid to look at their credit reports. Don't hide! It will only make the problem worse and hurt your finances even more. Just take a deep breath and do what you have to. Get your reports. Look over every line of text. Look at both the good and bad information. Misreporting neutral information, like when an account was opened or how much credit you have, can easily hurt your credit score. I think you should talk to an expert in credit repair to help you figure out how to read your credit reports. It's up to you. The money is yours. Your credit report should not be missing anything.
You'll feel great.
Nothing beats the feeling you get when you know you're doing what's best for yourself. You can feel like that right now. Start fixing your credit, and you'll see results before you know it. As your credit score goes up, you will be able to refinance the loans with high rates you already have. By lowering the interest rates on your mortgage, auto loan, and credit cards, you can save a lot of money. If you save $500 a month and put it in a savings account that earns 5% a year, you'll have $77,000 in just 10 years. Consider it.
You're on the Right Track
Once you've started your credit repair programme, it gets easier and easier to stay on top. As your credit score goes up and the interest rates on your debt go down, your budget will get easier. You will soon have a financial cushion that will let you meet your monthly bills even if you have to pay for something unexpected. Now is the time to meet the new you.
All content is owned by James W. Kemish and all rights are reserved.
