White Paper: The Good, the Bad, and the Ugly of Your Credit Report
Advantage CCS has released a new White Paper that is meant to educate consumers on how to properly read a credit report and how maintaining a good credit history is essential to their overall financial standing.
The White Paper, explains that individuals with bad credit suffer the consequences of either being totally denied for loans or being subjected to very high interest rates and add-on fees. Credit history is usually reviewed by employers when they make final hiring decisions, so a person who has a poor credit history could really struggle to find a permanent job. Trouble finding employment often exasperates debt issues as individuals fail to make enough money to pay back all of their debt.
In this particular White Paper, it highlights the significance of obtaining a credit report on a regular basis from the three major credit reporting bureaus: TransUnion, Equifax and Experian. These credit reporting bureaus are required by law to provide individuals with a copy of their credit report once a year. Consumers are able to stagger these requests between the three agencies to get a free report once every four months, which would be ideal. Reviewing a credit report allows consumers to find out whether there are discrepancies or errors in the information and it also provides a basis for determining how to improve one’s credit.
Details related to the contents of a credit report and how to read the report are included in this free downloadable White Paper. We recommend that individuals review information pertaining to personal data, personal loans or other debts, inquiries (or “hits”) from lenders, and any negative information contained within the report to determine if the information is indeed accurate. Inaccurate information could be indicative of identity theft and consumers should contact a credit reporting agency immediately if there are any problems.
Mistakes can be corrected through a dispute or report being filed with a credit reporting agency. However, negative information that is valid like late payments can only be taken off of a report after a period of approximately seven to sometimes ten years. In the meantime, individuals can improve their credit rating by dedicating themselves to paying off debts, budgeting finances and ensuring that payments are made on time every single month.