A credit report or credit history is a record of an individual’s or company’s past borrowing and repaying, including information about late payments and bankruptcy. It provides detailed history of your credit history to prospective creditors, which report can greatly impact whether you will get approval of what you are applying for. Banks, retailers, or finance companies rely on this report before they would decide to extend credit. So, it is important to monitor credit report regularly.
Ideally, the credit report is an accurate, up-to-date reflection of the credit history. But, there are instances where error would occur, which can negatively impact the credit rating. The consequence is typically a reduction in the likelihood that a lender will approve an application for credit under favorable terms. So, whether the inaccuracies relate to payments not credited, late payments, or data mixed in from the credit file of someone else with a name similar to yours, you will likely can fix it earlier if you have a copy of your credit report regularly.
In addition, regularly checking credit report can help spot identity theft. Identity theft is a crime that involves a thief assuming your name to open new accounts, divert your card statements to another address, and run up all sorts of bad debt. Obtaining and reviewing credit report throughout the year can help put a stop to the crime. [Read more...]
These past few months, I have been feeling depressed over our situation. I am used to having hubby helped me in our daily needs. But, when he begins his training, the situation starts to get shaky; couple that to the pressure of our huge debts from his surgery last December to his sister, who keeps on collecting payments.
