A credit score is one of the most important components of a consumer’s financial profile. Here are some tips when looking over your credit report: (Click here to request a credit report)
What should I look for when I review my credit report?
Make sure that you recognize the accounts and loans on your credit report. Then check that the information on your credit report is correct. If you find information that you believe is not correct, contact the company that issued the account or the credit reporting company that issued the report.
What are the common warning signs for identity theft?
Credit card charges that you don’t recognize
Calls or letters about things you didn’t buy
Bills that arrive on unusual days
New credit cards or statements for accounts that you didn’t open
Denials of credit for no apparent reason
Information on your credit reports you don’t recognize, such as accounts or addresses
What does my credit rating mean?
There’s a lot of talk about credit ratings when dealing with personal finance, and while it’s a very important subject, there is also a lot of confusion surrounding the idea of the credit rating. Here are some facts about credit ratings that everybody should understand:
- A credit rating is a guideline for potential lenders about how good a credit risk a particular person is. Since past performance is the best predictor of future performance, this rating is based on the borrower’s history of borrowing and repaying, in addition to the likeliness that the person will repay as a function of his or her financial ability to repay.
- When someone talks about credit ratings, what they are usually referring to is a credit score. Your credit rating and your credit rating report are generated by one of three credit rating agencies: Experian, Equifax or TransUnion. Since each credit rating agency may have slightly different information and ways of calculating credit ratings, (OUR URL) provides services enabling you to get all three reports and scores from each agency.