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Credit Report News, Tips & Advice « Credit Reports > Credit Report Tips > Ignorance and Arrogance, the Deadliest Sins in Credit Management

Ignorance and Arrogance, the Deadliest Sins in Credit Management

By Karen Anderson
Published: Friday, January 29th, 2010

Ignorance is one of the worst enemies of credit account holders. The nature of mastering the credit worthiness assessments tools greatly depends on the attitude toward the system itself. As mandated by the law, credit account holders are to be granted three free annual credit reports and credit scores from the three recognized credit bureaus. Credit report tips from experts will not miss to remind the general public that they have three options regarding their credit reports and credit scores. But there is a greater problem aside from the ignorance from the existence of the three credit reporting agencies, arrogance.

Some people simply believe that life is better without credits. Everything is paid blankly in paper and no setbacks are risked by the consumer. But risks are not generally bad; credit report tips also include stressed points and justifications on why and how does credit helps the consumers with their present and future needs.

People, particularly credit account holders, are well aware that the law mandates them the right to a free annual credit report and credit score. But most of those who are knowledgeable of this right are unaware of their right to three sets of credit and score from the top three recognized credit bureaus. These three bureaus are Equifax, TransUnion and Experian. These three credit bureaus are competitive with each other in the sense that they try to maintain the quality of their work as the most reliable and most precise.

Credit report tips recommend that credit account holders should take advantage of this competition by maximizing the use of the three sets of credit reports and scores that they can rightfully claim annually. These three credit bureaus take care of more than 250, 000, 000 credit account holders and they do not share their pools of information. It is best to follow what the popular credit report tips prescribe, do not treat them as the same.

Moving on to a more deadly sin, arrogance in the use of credit in doing business can be too destructive for the consumer to rise back from. Credit reports are compiled documentations of the credit worthiness profiles of individuals. Refusing to use credit, will hinder you from writing your credit history, and thus you will not have a credit report. The damages do not stop there, having no credit report will automatically translate to not having a credit score. Having no credit score will make you almost invincible in the eyes of lenders and financing firms when the time comes that you need their services and assistance.

If there is the best credit report tip among the credit report tips it would probably be, make sure that you have a credit report. Credit report tips prescribe such action simply because the failure to take hold of a spot in the credit history will hinder you from future financial growth. Low interest loans will not be available to you, if you fail to have a credit worthy profile. The arrogant attitude towards credits may and most probably will cause more damages than good to one’s financial stability that is why it is highly prescribed to break away from these two major sins in establishing credit worthiness.

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