Edge of Bankruptcy

Submit Enquiry




Enquiry Type


Enter Code:

Find Out Why You Need To Know Your Credit Score

A recent survey of a random selection of people from across the US consisting of about 5000 people resulted in a very surprising discovery – almost half of those surveyed had no idea of what their credit score is or even what range it fell into. Even more surprising was the discovery that more than a third of those surveyed said that it had been more than five years since they had even seen a copy of their credit report.

Such news is both surprising as well as showing that there is a distinct lack of knowledge amongst most consumers as to why knowing one's credit score is important information. A significant number of those surveyed admitted that they had NEVER requested nor seen a copy of their credit report and had absolutely no idea what data it contained about them.

The survey was aimed at a good cross section of the public, not the super rich and not the poverty level either, but smack dab in the middle class.

This illustrates and emphasizes the fact that the majority of consumers do not understand the far reaching impact of one's credit report and credit score. Credit scores are used in many more places today than ever before. They are routinely used when you are applying for a new job, and there is a fair chance that you may even be denied the job on the basis of what your credit score is, if it is deemed to be too low. Recently, credit scores have been used when car insurance companies are determining how much you should pay for your car insurance rates, where they have allegedly confirmed that people with lower credit scores make a statistically significant greater number of claims than those with higher credit scores.

Another place where a low credit score can hit you squarely in the wallet is with a mortgage loan. Say you have a mortgage loan of $172,000 which is not unreasonable in this day and age. If your credit score is under about 580 versus a score of over 760, this can make a difference of more than $150,000 over the life of the loan, just based on the difference in interest that a lower credit score would get on the mortgage. Is that enough to open your eyes?

Another study recently conducted estimates that more than 75% of consumers could benefit by disputing inaccurate and incorrect items being reported on their credit reports. You see, there are three major credit reporting agencies, and each of them maintains its own credit history profile on each consumer. Since they do not share information, they each have their own distinct view of you and your credit history, or in other words, none of them really have a complete picture. In addition, it is a well known fact that the majority of consumer credit reports contain errors, and unless the consumer disputes those errors, the errors will remain, which have the net effect of lowering your credit score.

Take the time to understand what your credit history means, how it is reported, and what areas of your life are affected by your credit score. Then get copies of your credit report from the credit bureaus and make sure that each and every item is correct. You mat find that by correcting the errors, your credit score will rise and you won't even have to do anything different!

For more insights and additional information about how to Improve Your Credit Score and to get free copies of your credit reports, please visit our web site at http://www.credit-help-center.comThis article is free for republishing
Source: http://www.articlealley.com/article_223523_19.html

Don't Miss...
  1. Instant Approval Loans: Make Your Cash-Catching Fast
  2. Bad Credit Home Loans Consumers With Bad Credit
  3. Mortgage - Harvesting Time for Consumers
  4. A Consumers Guide To Mortgage Brokers And The Evil Yield Spread Premium
  5. Debt Consolidation Loans: Identify the SCAM Websites
  6. Secured Loans: A Quick Guide for Consumers
  7. Florida Mortgage Expert Shares Inside Tips
  8. What's The Mortgage Rate?
  9. How Does The New Credit Score Benefit Consumers?
  10. Wonderful Mortgage For Good Consumers
  11. A Mortgage Broker Can Help Find the Perfect Loan
  12. Mortgage Finance-3 Hot Tips to Avoid Lowering Your FICO Score
  13. Secured Loans UK – Wallet full of Money
  14. Home Equity Refinancing and Home Equity Loans
  15. Ways To Improve Your Credit Score
  16. Are Personal Loans a Good Idea for Me?
  17. Mortgage Refinance Does Wonders for You
  18. Credit Score Improves by Paying on Time
  19. UK Home Mortgage - An Excellent Way To Organize An Outstanding Contract
  20. Insider Techniques To Raise Your Credit Score... FAST! (Part 1 of 2)
  21. Mortgage Broker vs. Mortgage Banker
  22. Personal Loans For Every Requirement
  23. Home Equity Loans - How To Use Your Home's Equity To Consolidate Debt
  24. The Credit Score Rating Scale Explained
  25. Florida Home Equity Loans
  26. Find Out How Your Credit Score Is Calculated
  27. Insider Techniques To Raise Your Credit Score... FAST! (Part 2 of 2)
  28. What You Don’t Know about Mortgages Could Cost You Tens of Thousands of Dollars
  29. Secured Loans Overview
  30. Understanding the other side of Debt Consolidation Loans:
  1. Watch Out - Credit Score Determining Auto Insurance Cost
  2. Find Out How Your Credit Score Is Calculated
  3. What Comprises Your Credit Score
  4. How to Create a Good Credit Score
  5. How To Get A Handle On Your Credit Score
  6. Understanding Your Credit Score
  7. Raising Your Credit Score – It's More Important Now Than Ever
  8. Facts for People with Bad Credit Score
  9. How to Build Your Credit Score
  10. What You Must Know Now to Fix Your Credit Score in the Future

© Edge of Bankruptcy 2008. All Rights Reserved