Wise Up About Credit Reports and Credit Scores
Posted on 2016-03-23 09:00:32
Sometimes adjust are like teenagers who think they know everything. But it’s amazing how misinformation even adults believe when it comes to credit. Here are five important things even you might not know about credit reports and credit scores.
1. Credit matters in more ways than you might think. Whether you are applying for a mortgage, auto loan or credit card, renting an apartment or getting cable TV, your credit matters. Your credit report can determine not only whether or not you get credit, but on what terms if you do. If your credit is bad, you may be denied credit or have to put down a larger deposit. That can take a bit out of your pocketbook! Credit is also used in surprising ways, such as by employers who may review your credit report as part of the application process.
2. Credit scores are based on the information in your credit report. The three national credit bureaus—Equifax, Experian and TransUnion—store and organize the information reported to them by creditors and others. But your credit report does not include your credit score. Rather, your credit score is calculated based on the information in it at the time someone requests your credit score. It can change daily as the information in your credit report changes.
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3. There are no joint credit reports or credit scores.
Credit reports are files maintained on individuals regardless of marital status. If you are married, you and your spouse will have individual credit reports. However, anything you co-sign for becomes part of your credit report. Joint accounts will be reported on both individual’s credit report. If you are an authorized user on someone’s account, the credit history will be reported on both accounts, though only the actual account holder has liability for the account.
4. There are no quick fixes.
If you’ve made some poor financial decisions in the past (and many have!), it takes time for your credit score to recover. Negative items such as bankruptcies may stay on your credit report for seven or even ten years; however, the impact of negative items on your credit score should lessen over time.
5. No one is going to monitor your credit for you.
You are the only one who knows if the information in your credit report is accurate. With information being added sometimes daily, it’s important to stay on top of your credit report. With MyFreeScoreNow’s credit monitoring service, your credit report is monitored daily, and you are alerted whenever there are significant changes that should be verified. Credit monitoring is a proactive approach to staying on top of your credit.
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