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All about Credit Scores and Credit Reports

By George Hauser
Published: Saturday, December 19th, 2009

It may seem off the essence in credit score tips because you know that you can trust your credit companies and you have never experienced anything that can damage the trust that you give them. While this may be true, it may not always be. Now that credit card problems are rising in number, you need to be more careful and keep credible credit score tips to avoid any future problems. On which case, not only will you spare yourself the troubles of frauds but you will also improve credit scores in the run.

A credit card report contains your credit history and it also serves as a performance data for every other credit company. According to most credit score tips, what this piece of paper shows is not just your past as a credit card holder, but also as your future if you have any plans for applying for loans and new credit card accounts. What most credit score tips forget to mention is that the most important of all features, as recent news may claim, is its importance to keep your name in a clean state in the eyes of the law. Moreover, it helps you check for inconsistency so that you may know if your credit scores are appropriately calculated by the credit bureaus at the end of every year.

Identity theft. Credit score tips often recognize identity theft as one of the major reasons for claiming credit card reports. Once your information and your credit card is in the wrong hands, do know that anything and everything can happen if you do not take action immediately. As the thief may exploit your personal information and your credit cards, their actions may create an impact on your performance as a borrower. And since the lenders do not know that someone else is using your identity to get more loans and gain more credit, your credit scores may downgrade back to zero.

Inconsistencies and deficiencies. Your credit card report may not always be right with the information. You may have taken actions and may have forgotten to update your lenders about change of address, employer, marital status, and such. These deficiencies must be corrected as soon as possible to avoid problems with future transactions.

Taking Action. Identity theft, identity fraud and deficiencies will place you in risky situations that are difficult to get through with. These problems will surely damage your credibility as a borrower and will also create a great deal of questions in your performance, thus, an impact in your credit scores.

Credit card reports are your prime sources of information if you may wish to check on any of the problems stated above. Reports are your credit history and a basis for scores and performance. You are entitled to one copy per year yet you may also ask for a copy anytime whenever identity theft and fraud alerts are on. For reasons other than these, you may still request for a copy for a minimum fee for checking and assessment.

You may get one copy from each credit bureau and compare each. There are available companies online that offer services that give credit card reports. However, some of these give an integrated report of the three credit bureaus, which is not a good thing since what you want to do is to compare each of them.

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