"Do you THINK your credit is good?"
THINK again! Looking at your credit report could be like strangers looking in your closet! There could be years of garbage stacked up that may be hurting your score and not being cleaned off your report....hurting your credit SCORE meaning: hurting you in the long run for mortgages and any other financing! Even the best intended individuals with high incomes or who pay their credit cards off each month OR with accounts that have been paid off may be reflecting a totally different score than they anticipated.....
you'd be surprised.
Find out what could be affecting your score and how to research your reports, clean up garbage and instantly, if not, in little time to improve your score!
Will inaccurate information in my credit report affect my
credit score?
This will depend upon what information is wrong. If the inaccurate information is used as part of the score calculation, your score will be affected. The majority of information used in the score calculation is found in the Credit Information, Public Record and Collections sections of your credit report.
"We encourage all consumers to request and review their credit report on a regular basis. By doing this, you can ensure that your report contains information that accurately reflects your credit history. You have the right to dispute any discrepancies by immediately notifying the credit reporting agency. We want to ensure that your credit report is as accurate as possible and will work with you to resolve your issues." Quoted by Equifax.
Pay all of your bills on time. Paying late, or having your account sent to a collection agency has a negative impact on your credit score.
Try not to run your balances up to your credit limit. Keeping your account balances below 75% of your available credit may also help your score.
Avoid applying for credit unless you have a genuine need for a new account. Too many inquiries in a short period of time can sometimes be interpreted as a sign that you are opening numerous credit accounts due to financial difficulties, or overextending yourself by taking on more debt than you can actually repay. A flurry of inquiries will prompt most lenders to ask you why. However, most scoring formulas will not penalize you if, for example, you are shopping for the best mortgage rate or the best car loan.
As for myself personally, I have always had a membership with BOTH Equifax and Transunion, there you can sign up for an account and learn a wealth of information and anytime you like for approx. $15, you can order 'instantly' your own online Credit Report and Credit Score...the exact same Report creditors look at while pre-approving you for loans, credit cards or mortgages. So, to avoid surprises while waiting for loans or maortgages, go there yourself and see what kind of financial health you are in and to make sure your report shows accurate information. You could have been turned down for something that could have been preventable. Transunion and Equifax only keeps your credit info on there for 'I believe' 6 years then it rolls off. Make sure your loans that ARE paid off...shows that they are paid off on there AND MOST IMPORTANTLY CLOSED. This is another owie...too many accounts opened....chips away at that score. If there is inaccurate info on your report, there is an option in there for you to click on, write them and in a short time they will correct the information.
This is about all, I am not of course a credit PROFESSIONAL, but these are little tid bits I know personally and that can have a tremendous impact on your score hopefully to help you get approvals, better interests rates
NOTE: When you recieve your report, Transunion and Equifax shows you WHY your score is hurting and the proper steps for you in your unique situation to improve your score. How awesome is that!?
To go to these sites and learn more and open an account,
Go to EQUIFAX: https://www.econsumer.equifax.ca/ca/main?forward=/view/common/template.jsp&body=/view/home/home.jsp
Go to TRANSUNION: http://www.transunion.ca/
I strongly encourage your questions or feeback on topics you'd like to know more about.
Cheers!
Brenda
