Welcome to my website and see for yourself how you can find out which credit report is best. Because it does matter, what credit reports say about you!
The Best Credit Report – Which Is It?
Consumers in the US are entitled to one free annual credit report from each of the three credit agencies, as part of the FACT Act. Recent statistics have indicated that one in fifteen American’s have been a victim of identity theft, so it is vitally important that consumers get their reports on a regular basis to check their information. But which would be the best credit report to get?
The best credit report to get would be the 3-in-1 report which is available from a credit report monitoring company for a reasonable fee. This report provides your credit history as it’s reported by all 3 bureau’s – Equifax, Experian and TransUnion. It will give you a detailed look at the information as it stands in all 3 bureaus.
What information does this 3-in-1 report give me?
Consumers will be able to easily check details of every account they’ve opened, including credit cards and loan accounts, payment details of every account including the payment history, a list of all companies that have done an inquiry on their name, and a line by line comparison of each account as reported by the 3 bureaus.
Why is the 3-in-1 report better?
Because the 3 bureaus have independent databases, their information could therefore be different. This is also due to the fact the some smaller financial institutions do not work with all 3 bureaus, so there could be some information missing as well. By getting the 3-in-1 view you will easily be able to see where the information is different and request a correction.
It is estimated that up to 70 percent of reports contain errors and omissions, so it is recommended that consumers check their reports on a regular basis to prevent an incorrect calculation on their score.
Need more information to help you determine which credit report is best? Please read this article on how credit reports affect us all!
Improving Your Credit Score – How Will It Affect You and How Do You Do It?
Why is your credit score important?
Financially, your credit score is the single most important variable that you have control over. It can get you a much lower interest rate on your mortgage than someone that makes a $4 million annual salary but has a lower score than you. On the flip side, if you don’t take care of your score and check it frequently, it can prevent you from getting approved at all. Over the life of a mortgage, a few percentage points will equate to tens of thousands of dollars in saved interest.
What can you do to improve your score?
Credit cards
Credit cards can help your credit score, contrary to popular belief. Banks want to feel safe giving you a credit line, so if you have other cards that you are paying on time, that’s enough proof for them. The longer you’ve had a card-payment history, the more they trust you.
So sign up for a card or two.
First caveat: each time you apply for credit, it shows up on your credit report as an inquiry. If you have several inquiries, that means you are looking for credit and your score may temporarily drop a few points. So don’t apply for several credit cards right before applying for a mortgage. However in the long run, your credit score will increase from you having credit cards.
Second caveat: make sure you make all your payments on time! It’s better to make the minimum payment on time than paying in full a few days late.
Loans
As mentioned earlier, banks and credit companies like as little risk as possible when deciding whether or not to loan you money – they assess this by looking at your credit history.
Suppose you are about to buy your first car and you don’t have much of a credit history yet. You have enough cash to pay for it up front, so why not? After all, you would save on finance charges. My answer would be to pay for a significant portion of it in cash, and take out a loan for the rest.
Why? This first loan will get your foot in the door, help you establish yourself, and show that you can be trusted to make payments on time. And because it is for a small amount, you won’t end up paying very much interest. When this loan is paid off, banks will be clamoring to lend you money.
Find out more information to help you decide which credit report is best. Of all three bureaus, which one has more weight when it comes to loans and mortgages? Which credit report is best for employment based screening?
Improve Your Credit Score – High Tech and Low Tech Ways
Improve your credit score! Whether you are a high tech smartphone addict or barely use email, here are some everyday tips that you can put in place. These routine practices will boost your credit score to the top of the charts:
1: Make sure your credit report is accurate. If your credit score is being calculated from incorrect information, it may be suffering greatly. It’s estimated that 25% of credit reports contain some sort of error.
High tech way: You may request a copy of your credit report from annualcreditreport.com once every 12 months free of charge. This website is provided by the 3 main credit bureaus. Reviewing your credit report is a great way to catch any mistakes before they damage your credit.
Low tech way: You may request your credit report by phone or by mail. By phone: call 1-877-322-8228 and you will go through a simple verification process. Your report will then be mailed to you within 2 -3 weeks. By mail; Download and complete the Request Form (available on the website) and mail it to Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281
Your report will be delivered in 2-3 weeks
2: Pay your bills on time. Payment history is 35% of your credit score, so paying your bills on time needs to be a top priority.
High tech way: Techies have many options of apps that can be used to track spending and bill pay. mint and pageonce are 2 of the many apps that can set up all of your bills in one place. These apps remind you when bills are due, track spending, etc.
Another way to make sure you don’t miss any payments is to set up automatic payments from your online banking to your mortgage, auto, and credit card providers. This will ensure that you don’t rack up any late pays, which can tank your credit score.
Low tech way: If you are still walking to the mailbox to get your bills, put this practice in place; pay your bills the day they arrive. This may sound a little hard core, however, paying them when you receive them has its benefits. The bill won’t get a chance to lose itself in the pile on your desk, AND you don’t have to think about it anymore.
Another low tech option is to have a desk calendar that has all of your monthly bills marked on the date they need to be mailed (not the date they are due). Put the calendar in a place where you can see it every day, so the due date doesn’t sneak by you.
3: Keep your credit card balance low: Behind paying bills on time, account balances are the most important factor in your credit score (30%). Running up those credit card balances close to the limit has a dramatically negative impact on your credit score. Don’t let this happen to you!
High tech way; as mentioned in #1, there are many apps that can help you track you spending and budget. By following a budget, you can see where your money goes, and plan for bigger expenses (new furniture, vacations, etc) without charging up your plastic.
Low tech way: get a pencil and paper and make a budget. Track you spending to make sure that you know where your money is going. Open all of your credit card statements the day they arrive, and try your best to pay off your balances every month.
High tech and Low tech tip: While using credit cards responsibly DOES help raise your score, it’s a good all-round financial practice to make sure you are not racking up useless debt.
If you do end up using your credit cards and can’t pay the balance off every month, MAKE SURE you do not charge up more than 30% of your limit (ex: on a credit card with a $10,000 limit, never charge more than $3,000). Keeping your balances low will go a long way toward boosting your credit score.
4: Don’t close, lose, or ignore those old credit cards. Length of credit history is 15% of your credit score. The optimum credit history is 30 years long! Work hard to make sure those old credit cards are doing their job to raise your score.
Remember, credit cards must be used once every 6 months to be included in your credit score.
High tech way: set up one of your bills to automatically charge to your oldest credit card. It does not matter how small the amount. Any new balance will update that credit card at the credit bureaus so that all that great long credit history is showing up on your credit report.
Low tech way: carry your oldest credit card in your wallet and be sure to use it once a month to buy either gas or groceries. This purchase will keep your card active and counting positively in your credit report. Pay it off at the end of the month so you are not hit with any finance charges.
Putting some or all of these tips into place can go a long way toward maximizing your credit score and ensuring the best rates on your mortgage, car, and credit card loans. And, whether we are high tech or low tech, this is an attractive goal for all of us.
Get a hold of more information to find the best credit report, click here.
Whether it’s employment or loans and mortgages, a credit report or two, is usually requested by employer or bank. Which credit report is best? Which has more information? Knowing what is in your credit report is a big advantage. So order one today!
Copyright 2011. Which Credit Report is Best?
