It may seem that all conventional wisdom and rules we lived by have gone out the window in the face of this chaotic economy. But while it may seem that all have essentially abandoned ship, the fact of the matter is that the rules still very much apply. This means that while the national economy is struggling this does not give us free license in our own struggles. It may not be our fault that we have fallen behind on our credit card payments but the credit bureaus don’t take such information into account; they only report our credit score – a number that is reflective of our ability to make on-time payments and maintain a responsible debt to income ratio, as well as a history of this behavior.
While obtaining a credit report may be the furthest thing from anyone’s mind right now it is still something that should be considered even in this economy. Economic conditions, in fact, may have put us in a position of approaching our finances differently and that change may be reflected on our credit score. The only way to know this is to make sure that you are always mindful of what is happening on your credit report.
Free credit reports are our right to receive as consumers. We are allowed a free credit report from each of the three credit bureaus – Experian, Equifax, and TransUnion – once within every twelve month period. You can contact each of these entities separately or you can simply go online to www.annualcreditreport.com where consumers can place their orders for free credit reports from any or all of the credit bureaus.
By staying on top of our credit report and making a commitment to remaining educated at all times we can forgo many of the problems that our present actions – in this economy – could have on our future.
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Truth be told, we all knew this time would come. The pendulum must swing, so they say, and with loose spending, high credit limits, and lenient mortgage lending we could only assume that it would eventually come back the other way. Unfortunately, those who have to actually experience this swing have names and faces and household budgets that have been impacted greatly. There are those who were living quite well prior to the economic shift and are now struggling to get by on a month to month basis. We take the help where we can get it - cheering the lower gas prices and looking for ways to improve our mortgage situation – and wait out the storm the best we can.
One product of this economy is the fact that many people are seeing the effects on their credit score. Consumers that may have, up until now, enjoyed exemplary credit are now watching their credit score fall and the impact their high debt has had on their credit report. While it may seem like the worst time to be looking so vigilantly at your credit report, it is actually the best time; consumers should continue to order free credit reports from each of the three large credit bureaus on a yearly basis to keep a careful eye on their standing.
Another important thing to do during this time is to protect your credit as much as possible by doing things that will improve rather than lower your credit score. To this end, those who already find themselves in the position of having bad credit may look at options for credit cards for bad credit. While another credit card may seem ridiculous it is actually a good way to consolidate debts and begin to make responsible, on time payments that will only serve to improve credit standing. This economy won’t last forever; the pendulum will eventually swing again. And when it does we should all be in the best possible financial position we can – finally having weathered the storm.
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When it comes to the term “free credit report” most consumers automatically associate such a thing with those who are in financial straits; those who are facing problems on their credit report or the possibility of identity theft and need to check in to make sure that all is well and that improvements are being made. This, however, is only one part of the truth.
Our credit report essentially sums us up on paper for those potential lenders who may be considering lending us the money for a home purchase, the purchase of a car, college tuition payments, home improvements, and the like. Additionally, our credit report may even be viewed by those who are considering renting us an apartment or hiring us for a job. Our credit report – and the credit score that accompanies it – tells lenders (and others) what they want to know about us in terms of our sense of fiscal responsibility and our overall trustworthiness. It does not, however, say everything there is to say about us; it does not explain why payments were late or give an explanation for a loan default. And so, without our input, our credit report can paint a picture of us that may not be entirely accurate.
This is why it has always been so important to stay engaged in what is being reported through our credit report. For those who have credit problems in the past, or are experiencing them now, this is especially important as they can often work with creditors to remove particular items that may not be reflective of the consumer’s current financial situation. By getting free credit reports from each of the credit bureaus – Experian, Equifax, and TransUnion – something that can be done online within a matter of moments - those with credit problems can know where they stand and what they need to do in order to improve their situation.
In the next post, we’ll explore how free credit reports can also be imperative for those in good financial standing.
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We have likely all been in the situation where we have applied for a particular line of credit or loan and we are waiting to hear back regarding the approval or denial of such funds. It may be only at that time that we hear – perhaps for the first time in a long time – the exact number of our credit score. And it may be a number that surprises us considerably. Many of us make financial decisions throughout our lifetime and assume that it will impact our credit report in a particular manner; only to be surprised later on when we find out it did not have the bearing that we thought it would or, conversely, it had much more of an impact than we anticipated.
In terms of being financially responsible for ourselves, it makes no sense whatsoever to wait to find out our credit score when we are already in a vulnerable position. Waiting to hear the results of a credit application can be nerve wracking if you are unsure as to your credit standing. But having that information up front – and, in fact, in advance of such an application puts us more in control and at least gives us an idea of where we might stand in terms of being cleared for the loan.
Finding out this information is much easier than many realize; in fact it only takes a few moments to order free credit reports online. Free credit reports will are offered through each of the three credit bureaus – Experian, Equifax, and TransUnion – and give us the information that lenders are seeing regarding our credit history, current standing, and credit score.
If you have not seen your credit report in some time, and would likely be surprised if there were any problems, then it’s worth taking a sneak peak with free credit reports. Why wait? Get online today!
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For those of us who have experienced credit problems we can readily attest to the shame we felt anytime someone would go to check our credit report. Applying for a credit card, a car loan, a mortgage, even an apartment rental lease, means that our credit report will be checked so that the lender can determine if our creditworthiness deems us a good enough credit risk for their purposes. Waiting to get an answer – and often knowing in your heart of hearts that you will be denied – may be among the most terrible feelings in the world for anybody.
We all do our best on a day to day basis to work hard and pay our bills on time. But sometimes things happen. Getting past those moments in our life and making improvements is what will eventually define our financial character. Until then, why put ourselves in a position of being embarrassed and worse – having someone check our credit and ultimately denying us which in turn, further damages our credit report?
The most effective way we can avoid these moments is by taking the time to order free credit reports from each of the three credit bureaus – Experian, Equifax, and TransUnion. We are all given the right as consumers to get one free credit report a year from each of these organizations. And while it used to be that we had to mail away our request for our free credit report, today we can do everything online by going to a central website that allows us to make our requests from all three bureaus.
By getting a free credit report prior to the application for credit, we are saving ourselves time, embarrassment, and further credit damage – ultimately protecting our credit report as we continue to make strides in a positive direction.
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Putting a house on the market is a big decision, financial and otherwise. It’s hard enough to understand the topsy-turvy world of real estate; the delineation between a buyer’s market and a seller’s market, the many fees associated with working with a real estate agent, and the other many considerations that must be made to ensure that you come out of the deal in one financial piece and are ultimately able to move onto your next home.
One of the things that sellers should always make an effort to do prior to making the decision to put their property on the market is to check their credit report. There could be nothing worse than getting well into the process of selling a home, finding the next home and realizing that your credit report will preclude you from getting a mortgage that makes sense.
Luckily it’s easier than ever to check our credit report through the availability of free credit reports. The three main credit bureaus that collect our financial information and to which prospective lenders turn when they are making a decision about extending credit are Experian, Equifax, and TransUnion. Each of these will issue a free credit report to each consumer once a year. As consumers, it is our job to ensure that we ask for those free credit reports so that we can know at a glance the status of our credit report.
Having the information provided by free credit reports gives us the power of knowing ahead of time whether or not the mortgage process is likely to be fraught with obstacles. With this knowledge in hand we can do what needs to be done to either improve our current credit standing or continue on with the decision to sell our home, knowing that we are on solid financial ground.
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Anyone who has had to declare bankruptcy will tell you that it was a last ditch effort to save themselves and their family from long term financial ruin. While it may have been chosen by those just trying to get out of paying their debt in past generations, the new bankruptcy laws have made declaration much more difficult and those who are awarded it are in dire financial need. Bankruptcy is not an easy choice; nor is it an easy thing to live with after the declaration has been made. In fact, a declaration of bankruptcy will stay on a consumer’s credit report for seven to ten years and can make the procurement of additional credit – including a mortgage – quite difficult.
But as credit improves year to year, consumers can take small steps to improve it further, including applying and being approved for small lines of credit that they do not use, or pay off on a month to month basis; responsible decisions that will positively impact their credit report and work to raise their credit score. And in terms of making sure that such progress is forthcoming and that the decisions that the consumer is making is being reflected on their credit report, it makes sense to periodically order free credit reports.
Free credit reports give consumers access to their three credit reports – one report each held by the three main credit bureaus that disseminate our financial information. By going online to www.annualcreditreport.com we are able to get the free credit reports we need from Experian, Equifax, and TransUnion – one free credit report within every twelve month period.
These free credit reports will certainly not wipe bankruptcy away; but they will help a consumer who has had to declare bankruptcy move on with his life in a positive direction.
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In the last post we talked about free credit reports; how these reports – which can be ordered online from each of the three credit bureaus once within every twelve month period – give us access to what potential lenders, landlords, and even employers are reading about us. Free credit reports can alert us to possible credit damage because of an unpaid bill that we didn’t know existed, the fluctuation of our credit score, and even the possibility of identity theft. By always knowing what our credit report is reporting we are easily alerted by changes to this information and can therefore have the best chance of nipping potential problems in the bud.
The best part is that free credit reports are viable financial tools no matter what stage of life we are in or what financial circumstances we are currently facing. The ways in which free credit reports can be used include:
* Teenaged years. For this group that is just starting out in the world the temptation exists to overextend themselves in terms of buying what they ultimately cannot afford. Unfortunately this is also the time when so many of their age are offered credit cards when they get to college or start their first job. Free credit reports can keep young cardholders honest by allowing them to witness firsthand how their financial decisions can impact their credit score.
* Twenties & Thirties. This is a time of big changes for most people as they start their careers, travel, buy homes, possibly get married, and have children. These life changes bring about large financial fluctuations as well. Obtaining free credit reports will help consumers make big financial decisions.
* Forties & Fifties. With careers solidly in place, finances tend to become more comfortable as well. But this may also be the time during which college tuition for children is paid. Big expenditures require careful planning. Make sure your credit report is the best it can be by monitoring it with free credit reports.
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Finances are something that often change dramatically over a lifetime. We may start off with nothing – barely two nickels to rub together when we’re young – and slowly, over time get to a place where we are more financially comfortable. This is not to say that any of us ever come to a place where we feel like money is no longer an issue; there are few of us who, in this lifetime, never have to think about money or how the decisions that we make will affect our budget. But the way we relate to money and the manner in which we take care of our finances does change over time and we need to be able to adapt to those changes.
One thing that remains consistent no matter what stage of our life we are in is our credit report. Once we begin our lives as consumers making financial decisions, the history of these decisions is played out on our credit report; essentially the summary of our creditworthiness as defined by the three credit bureaus –Experian, Equifax, and TransUnion. Our credit reports are accessed by lenders who are determining whether or not to extend us credit, by landlords who are deciding whether or not to rent to us, and even by prospective employers. So it stands to reason that damage to our credit report can have dramatic implications that extend to all our areas of our life; which is why it behooves consumers of all ages to stay on top of their credit report by ordering free credit reports.
Free credit reports are our gateway into our financial history – allowing us to see what the credit bureaus are saying about us. Luckily, with access to the Internet, free credit reports are easier than ever to obtain. By going online we can order a credit report from each of the credit bureaus; something that we are given the ability to do once a year. In the next post…how a free credit report can stand up generation to generation.
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Surely most of us connect debt to adulthood; as we get older we find careers, buy homes, accumulate credit, and subsequently accumulate debt. While debt can be managed if we don’t get over our heads in terms of debt to income ratio, it is easy for it to get out of hand – especially as minimum payments escalate and we have a tough time keeping pace in this economy. As adults, most of us have learned to keep an eye on our credit report for signs of damage caused by late payments, high debt to income ratio, default, and even identity theft. But far fewer of us think to pass this information onto the teenagers in our life even though debt accumulated at a young age is becoming a growing epidemic.
College is generally the time period during which young people first get themselves into trouble regarding their credit. Faced with independence and the freedom to spend what little money they have as they wish, many teenagers are also – for the first time – given to the opportunity to get credit cards in their own name. For many, the temptation is just too much. With credit card in hand young people spend with little regard for the consequences; before they know it they have essentially marred their credit report even before they graduate college.
Teaching teenagers early to check their credit report periodically is a method by which to teach them accountability for their financial actions. And now it’s easy than ever to check our own credit with free credit reports which we can easily order online through www.annualcreditreport.com which gives consumers access to all three credit bureaus.
Young people who get in the habit of ordering free credit reports early on will surely have accountability for their actions throughout their lives and can quite possibly avoid financial problems that are essentially within their own control.
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