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Simple tips for a good credit report

By Karen Anderson
Published: Tuesday, January 18th, 2011

People have different means of spending and paying patterns. It’s like having a new set of fingerprints that people can identify you with. Just like the fingerprint, it can give people substantial information about you. Its counterpart in finance is a credit report. A credit report provides different companies everything they need to know about how you handle your finances. They can trace how many loan applications you have applied for and how many of those you have been approved of. This will be used by the different companies as it circulate amongst them, so that they’d all have the up-to-date information about you if ever you may come and do business with them. You may think it’s all about that but there’s more to it than just plain records and listings.

A good credit report can make or break a person. Good credit records will lead to a handful of opportunities and perks that can make even the most apathetic person interested in it. Bad credit reports on the other hand will spell disaster for its owner as it will affect almost all aspects of his/her financial life. To simplify this:

Good Credit Reports = Better Financial Opportunities

Bad Credit Reports = Higher Apr’s, Premiums and Interests, Sadder Life

But there are ways in which you can surely make a way to improve your credit report. All you need is an eagerness to learn and the basic knowledge to give you enough info on what to do with your credit report. Here are some ways to make yourself more prepared to deal with your credit reports and records:

1. One report is not enough. You may be confident with just one credit report from a bureau but you must know that there are millions of cases of errors in credit reports. Some are personnel related incidents while many are because of identity theft and fraud. Make sure you become more responsible in handling documents that may soon dictate your future.

2. Be very organized in checking you credit reports. This is to make sure that you get the maximum time to prepare for disputing any wrong information which can be found in your credit report. Although it’s good to be prepared early on, some things are out of your hands so be prepared when something like that comes around.

Keep important files and document everything that you think will be necessary if you may in fact need to dispute some entries in your credit report. Although it will take more time and not to mention, money, to make the errors go away it’s better than going bankrupt with errors that were just unintentional.

3. Keep checking your report regularly. Nothing beats a preventive measure to avoid a disaster that’s just waiting to happen. Being aware of your credit standing and keeping track of your own report can give you the advantage you need to get ahead in the game. Regular checking of your credit report will give you ample time to react to any of its contents.

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