What every Consumer should know about credit reports
Credit reports affect your health, your financial health. But does it affect your daily life?
Every item of information contained in your credit report at the three national credit bureaus (Equifax, Trans Union and Experian) contributes either positively or negatively to your credit score. Your credit score is used in automated decision making systems at various credit grantors across the country with greater and greater frequency to determine your eligibility for credit.
You may already be aware that your credit score has an effect on your ability to get a home loan and the terms under which this loan may be made available to you, including interest rate, down payment obligation, points paid and more. But what you may not know is that often auto insurance rates are affected by your credit score. Did you know that all those credit card offers you receive in the mail and the interest rates they offer are affected by your credit score. Of course auto loans and other big ticket item purchases will have their interest rates and payments set by the information in your credit report.
All of this is based on your credit score. Credit report scoring models are very precise, yet the process of credit grantors reporting millions of trade lines of information to the credit bureaus creates opportunities for errors. This is why all consumers should understand three little-known keys to credit health: How credit reporting works, how credit scores work and what steps to take to monitor and correct credit report in the event of errors.
Start now. Take control of your credit health. Get all the facts and manage your credit report for better interest rates and better financial terms.
You may be able to save yourself thousands of dollars in wasted charges starting this year. A great place to start is ordering and reviewing your credit report, which we can do for you in less than 30 minutes.
-Analysis provided by Birchwood Credit
Through information and education we can help most consumers improve their credit scores in less than 60 days. Please call me to schedule a credit consultation today.
As a courtesy, we offer a free mortgage health analysis through a complete review most refinance purchase or refinance package. I look forward to speaking with you.