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FREE Checking Credit Report as 2015 Begins

By admin
Published: Wednesday, January 14th, 2015

The last day of the year is usually the best time for people to check their credit scores. Mostly, this is a number that determines whether you will get a job and even a loan. The credit score depends on your credit history and payback patterns. Even then, according to the Consumer Report’s survey, half of the Americans hardly bother to check their credit reports to ensure that it is accurate.

Some people recently applied for a mortgage and discovered that their credit report shows that their bad debt is as much as $180,000. Most times, people claim the amount is outrageous and isn’t their burden at all. It often happens that records mix up and other peoples’ debt reflects in your debt.

People can avoid the hassle and stress of having mixed up records by keeping a constant check on the credit score – preferably on a monthly basis.

According to the recent Consumer Reports survey, which involved 3,000 Americans revealed that finding credit errors in the reports was a common scenario. Only 20% found mistakes that would help reduce their credit score, and the overall number of people who bothered to check was still staggeringly low.

There is no doubt that common mistakes in the credit history can have much serious consequences like causing people to lose their jobs, having higher apartment rents, and paying a higher loan rate. In worse cases, a bad history can cause people to receive rejections in various things. This confirms that a bad credit report can hurt.

An example worth considering, is a person has $300,000 worth of loans, and a 30 years’ time to pay off as fixed mortgage, and the credit score drops by 100 points from 780 (turning to 680), the debtor has to pay as much as $25,000 during the loan period.

People with bad credit history need to write requests to the three major credit-reporting companies in the U.S. – Transunion, Equifax, and Experian. However, people writing to them should hide their Social Security number and proof of identity.

Fixing the credit report is not easy and it is definitely not a quick process. Ironically, more than half of the people in the survey never had a rejection, and nor did they face being ignored any roadblocks on their journey.

The survey proves that the first step people need to take is to make a promise to themselves that they will fix their credit themselves, and avoid hiring companies that promise to fix it for them for a price.

As 2015 begins, people can check their credit history FREE online at websites like annualcreditreport.com.

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