Do you want to check your credit report and don't know how to do it? Why is it so important to review this credit report and what should you keep in mind when you do it? How can you access your credit report and what does this management cost?
Sometimes when we talk about credit we refer to the credit report. This report includes how you use the money:
- How many credit cards do you have?
- How many loans have you applied for?
- Do you pay your bills before the deadline?
If you have a credit card or a loan from a bank, then you have a credit report. Some companies collect this information about your credits and credit cards, as well as information about your liquidity. All this information is in one place: you can check your credit history for free online.
Why is it so important to check my credit report?
Through your credit report you can know your credit score. The credit score is a number that corresponds to your credit history. If you have a good track record, your score will be good too.
Checking your credit score usually has a cost that some companies charge monthly. Therefore, before paying any price, carefully consider whether you need to know your credit score.
Companies will review your credit history whenever you request:
- A loan from a bank.
- A credit card.
- A job.
- A secure.
If you request any of the above, the company will want to know if you can afford the costs. It is the reason why they are interested in knowing the money you have. With the information available in your credit report they can decide whether to grant you a loan, a credit card, a job or insurance.
Differences between good and bad credit
There are people with good credit and people with bad credit. Others, on the other hand, do not even have a credit history. Businesses can check this by checking your credit report. Several things can happen when they do:
Have good credit. That is, pay your bills on time and do not have large loans. This implies that:
- You have more loan options.
- It is easier for you to get credit cards.
- Pay lower interest rates.
- Pay less for loans and credit cards.
Have bad credit. If you pay your bills late and have little money, it means that you have bad credit, which means that:
- You have fewer loan options.
- It is more difficult for you to obtain credit cards.
- You will pay higher interest rates.
- You will pay more for loans and credit cards.
That you have no credit It means that you have never requested money from a bank and that you have never had a credit card, which means that:
- You do not have the option of a bank loan.
- It is very difficult for you to get credit cards.
- You pay high interest rates.
- It is difficult for you to get loans and credit cards and that they have a very high cost.
How to access my credit report?
Your credit history is a summary of your credit history, where it is listed:
- Your name, address and Social Security number.
- Your credit cards.
- Your loans.
- Your total capital.
- Your ability to pay on time.
This exists because many businesses prefer to have some information about you before they loan you money. Think about it: would you rather leave money for someone who pays on time or someone who is always late?
The companies review this report and, based on it, decide whether it is advisable to leave you their money or grant you a credit card. This history is also often reviewed by recruiters, before granting you a job, or by phone and insurance companies before accepting you for their services.
What do I do with my credit report?
The main thing is to read it carefully to make sure that all the information is correct.
- Personal information: Are your name and address correct?
- Accounts: Do you recognize them and is the information correct?
- Negative information: Do you recognize the accounts in this section of the report? Is this information correct?
- Queries: Do you recognize the places where you have applied for a loan? (If not, maybe someone has stolen your identity).
Who publishes my credit history?
To get your credit history you can use the Credit Bureau and access a copy of your credit report for free once a year. Additional reports cost $89.
What happens if I have no credit?
You may not have any credit history if:
- You don't have a credit card.
- You have not received any bank loan.
Without a credit report, you may not be able to get a job, an apartment, or even a credit card. The question is simple: you need credit to get credit.
How can I get credit?
Would you like to have a credit report? Then you need to face all the costs that a credit history includes.
- Sometimes utilities include the information in the credit report. Do you have utility company receipts in your name? This can help you get credit.
- Many credit cards also add information to credit reports.
How to correct the errors of your credit report?
- Write a letter explaining to the company what questions you have about the information collected in your report.
- Explain what information you think is wrong and why you think it.
- Request that the information be corrected or removed from your report.
- Send a copy of your credit report with the incorrect information indicated.
- Send copies of other papers that help you corroborate your opinion.
- Send this information by certified mail and ask for an acknowledgment of receipt. This will be proof that the company has received your application.