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Key to a good credit record – monitoring your credit report

By Andy Snyder
Published: Thursday, September 1st, 2011

Most people tend to work hard to maintain high performance in the office and good etiquette. Some are pretty conscious about how they look or how they groom themselves. Being conscious is not at all bad, but it is important to keep in mind that there are some things to be more conscious about, especially in these hard times. One example is your finances.

Times are really hard – the economy is in a slump and you probably feel the crunch of the recession. There are different ways to battle this. One is by keeping vigilant with your finances – you need to monitor it well. Being readily curious and updated with how you spend is not only a wise move but also a good trait to possess. Checking your spending patterns and monthly revenues and then cross referencing them with your income can be good way to start. You should know how much you make each month and how much you can spend according to the budget and your income. By doing this, you can see if you are going out of your allowed spending margin, thus, dodging debts.

And if you think that debts are just temporary marks on your record, think again. Incurring huge amounts of debt can lead to different things, and in today’s times, you need to make every dollar count. Avoiding debt can give you significant advantage in piling up good points in your credit report. Credit reports are almost an identification card with your financial ‘face’ on it. It will reflect everything in your past transactions, deals and even application records. Think of it this way, loan companies and even the government will look at your credit report to see if you have been doing well or not before they make a decision to give you money, or grant a request.

So you probably guessed it by now, having a good credit report counts! Not only will it give you a better feeling about yourself as a consumer but you’ll also get different perks with it. APR’s will be significantly lower, insurance companies will less likely take you as a ‘low risk’ client and even job opportunities will be fairly abundant for you.

Making sure that you have a good credit report can be easy if you keep the potential errors to a minimum. Being pro-active in taking care of your credit report can go a long way. Things like monitoring your payments, beating deadlines and keeping loan processes in check are good signs of keeping a healthy credit record. Also, being knowledgeable about the different causes of credit report errors is definitely a plus since you will be more versed when dealing with these kinds of situations. Another good way to maintain a clean credit report is to religiously ask for credit reports from the 3 main credit bureaus. Equifax, Experian and Trans Union are all mandated by law to provide you with a free credit report at least once a year.

In closing, one must remember that good credit records don’t just happen; you constantly have to work on it.

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