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Credit Score News, Tips & Advice « Credit Scores > Credit Score Advice > Doing a self check on your credit report could get you the loan you need

Doing a self check on your credit report could get you the loan you need

By George Hauser
Published: Thursday, September 10th, 2009

Once you get into a credit transaction, information about how you handle your debt automatically gets filed into your credit report. In it are information about your credit cards and other loans as well. Such document is maintained by credit report bureaus or credit reporting agencies. The businesses you transact with for credit and other financial applications agree with these agencies so that your report is kept updated.

Most, if not all the information contained in your credit report will translate to a three digit number known as your credit score. This is what the lenders, creditors, employers and insurance providers use to asses how well and how responsibly you handle your financial accounts. Juts by looking at this score, they can determine what premiums and rates to give you, and if you are reliable payer as well.

One credit score advice is to keep your credit score high by all means. The higher your score is, the easier if will be for you to be granted loans and credit card applications, insurances and employment, even. Because the credit score is a numerical summary of the information contained in a credit report, it follows that to improve your score, you must do something with what it is based on. A credit score advice is to determine where this information comes from so that you can check whether you are doing the right things to improve your credit standing.

There are many things to do this, but they primarily sum up to proper money management skills. Other than paying your credits on time, remember that banks and other businesses continuously check on your credit report. Use the credit score advice of doing a credit report check on yourself, because this way, you would be able to determine somehow your credit standing and improve on your score before the banks get to you.

Everybody is entitled to his or her own credit report. And you can avail of your free copy from the credit bureau per year. Remember that you should do your own credit check months before you apply for a loan or a credit card. It’s free so there’s really no reason for you to not grab the opportunity.

Another credit score advice is to learn how to read and understand your credit report. Keep in mind that getting wrong information on your report is very possible. In fact, mistakes might account for the greatest drop of your credit score. Doing your own credit report check and understanding what it contains enables you to dispute wrong information, while your credit bureau can have them removed. Dispute can happen even after you do a credit check, but make sure that what is sent is the updated version.

Another credit score advice that could help you prepare for credit report checks is to have all past dues paid. Do these 30 days before your credit check so that the delinquent accounts can appear updated and clean when the actual check happens. When you don’t get good feedback from the bank or the business you are making a transaction with, you should be given a copy of the credit report they based their decision on along with their reasons for not favoring you.

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