Many people have interest in your credit report.
Besides your lenders, your prospective employer, your landlord, your insurance company and even your cell phone company, all of them are interested to get clues from your report before considering your requests or applications.
Mistakes in your credit report will lead to punishing consequences.
There is no use of the running around after the damage is done.
Just like a regular medical check-up, is necessary for you to check your report and rectify the errors promptly.
Here is how an inaccurate credit report hurts you - 1.
You lenders - They will determine your creditworthiness on the basis of your credit report.
They may change the rate of interest, increase or reduce the loan amount depending on the contents of your report.
So if you approach for a mortgage with some mistakes in your report, you are likely to get a higher rate of interest which can cost you a lot in the long run.
2.
Your prospective employer may refer to your credit report.
Statistics shows that one in six employers go for such check.
The mistake in your report may cost you a job.
3.
Your landlord can check your report to find out whether you have any past due accounts, garnishment or tax lien.
Based on an inaccurate report he may deny tenancy for you.
4.
Insurance companies have a practice of checking your report before accepting your proposal.
A wrong entry in your report can increase the premium amount or you may be even denied cover.
5.
A utility company is providing you services like electricity or water on credit.
In order to find out your ability to pay on time, they routinely check out your report.
They do not want to go deeper into your report but an incorrect remark can lead to demand for additional deposit or even denial of service.
6.
A cell phone company refers to your report for finding out your capability to pay regularly.
They may deny your application for a particular plan or ask for some heavy upfront deposit if they find negative information in your credit report 7.
Your credit score can go down for no fault of your own.
If there is any inaccurate information in your credit report, it is reflected in your credit score immediately.
A bad credit score can deprive you of many attractive offers.
Your credit is an invaluable asset for you.
You neglect may cost you a fortune.
You have to keep it free of mistake by checking it regularly.
After all, why should you suffer for no mistake of your own?
Besides your lenders, your prospective employer, your landlord, your insurance company and even your cell phone company, all of them are interested to get clues from your report before considering your requests or applications.
Mistakes in your credit report will lead to punishing consequences.
There is no use of the running around after the damage is done.
Just like a regular medical check-up, is necessary for you to check your report and rectify the errors promptly.
Here is how an inaccurate credit report hurts you - 1.
You lenders - They will determine your creditworthiness on the basis of your credit report.
They may change the rate of interest, increase or reduce the loan amount depending on the contents of your report.
So if you approach for a mortgage with some mistakes in your report, you are likely to get a higher rate of interest which can cost you a lot in the long run.
2.
Your prospective employer may refer to your credit report.
Statistics shows that one in six employers go for such check.
The mistake in your report may cost you a job.
3.
Your landlord can check your report to find out whether you have any past due accounts, garnishment or tax lien.
Based on an inaccurate report he may deny tenancy for you.
4.
Insurance companies have a practice of checking your report before accepting your proposal.
A wrong entry in your report can increase the premium amount or you may be even denied cover.
5.
A utility company is providing you services like electricity or water on credit.
In order to find out your ability to pay on time, they routinely check out your report.
They do not want to go deeper into your report but an incorrect remark can lead to demand for additional deposit or even denial of service.
6.
A cell phone company refers to your report for finding out your capability to pay regularly.
They may deny your application for a particular plan or ask for some heavy upfront deposit if they find negative information in your credit report 7.
Your credit score can go down for no fault of your own.
If there is any inaccurate information in your credit report, it is reflected in your credit score immediately.
A bad credit score can deprive you of many attractive offers.
Your credit is an invaluable asset for you.
You neglect may cost you a fortune.
You have to keep it free of mistake by checking it regularly.
After all, why should you suffer for no mistake of your own?