How Healthy Is Your Credit?

Top 3 Reasons why You need a Full Credit Report

When you get your full credit report you will have access to all of the same information that lenders, insurers, and even employers do when they’re ready to make a decision about you. If it’s been longer than a year since you’ve gotten your credit report, now would be a great time. Staying on top of the information being provided in your credit reports is the only way to be proactive about your biggest financial asset in life, your credit history.

#1: Inaccuracies

Only your full credit report will be able to reveal any inaccurate information which has been reported about you. People make mistakes all the time and the credit bureaus are not immune. You may be surprised how much people have credit reports which are littered with inaccuracies that are really hurting their credit score.

Once you discover the inaccuracies on your credit report you will be able to dispute them with the credit bureaus. Since each bureau collects information independently you will have to file a dispute with each bureau for every inaccuracy you find. Disputing an item with a single bureau won’t get it removed from your credit report at the other bureaus.

#2: Employment

Even employers are using credit reports to help make decisions nowadays. If you’ve got a rocky credit history it can make you appear to be a less than responsible person. If you were unable to pay your bills on time for months on end your employer may see that as time you spent without a job. Not only that, but employers can also verify past employment which is recorded on your credit report as well.

Unfortunately it is perfectly legal for an employer to discriminate based on your credit report. If you are turned down for a job due to your credit history your employer is obligated to tell you what made them turn you down and what credit report it was found on. You can then request a free copy of that credit report so you will have a chance to dispute the entry if it is inaccurate.

#3: Rebuilding / Repairing Your Credit

If you’re in the process of rebuilding or repairing your credit you will want to have access to all three credit reports from each of the major credit reporting bureaus. When you get all of your credit reports you can determine what areas on your credit report could use some improvement. You can also determine if any of the negative entries on your report are inaccurate and dispute them to have them removed.

When you view your credit reports you can more easily make a plan for repairing your credit history. You will be able to see how long each negative entry will remain on your report so you will have a good idea of when your credit score will begin to go up again.

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