How is Your Credit?

In today’s economy, your credit is one of the most vital records you should maintain. Most major transactions, like buying a house, a car, or just getting a simple line of credit, require good credit. It may not be obvious to you, but it takes years to establish good credit. You have bent over backwards to ensure that your bills are paid on time, spent endless nights balancing your credit in order to ensure that you will not go beyond your limits. Unfortunately, on many occasions, your good intentions alone do not determine the state of your credit report. Some hacker behind a computer terminal can get a hold of your credit card number and place charges for hundreds or thousands of dollars on your account. If you have been through a divorce, your ex-spouse might have deliberately or inadvertently wrecked your credit. There are countless ways for someone, other than you, to wreck your credit record. Unfortunately, on most occasions you do not find out until you are ready to make a major purchase, by then it is too late.

What is a Credit Score?

Your credit score is an indicator used by lenders to determine how likely you are to repay your loans. Your score is influenced by your payment history, outstanding debt, length of credit history and derogatory credit information such as bankruptcies and collections. The number of points on your score is used by financial institutions to determine whether or not you are a good candidate for a loan, and what type of interest rate you can borrow money at. Generally, the higher your score the better. Each lender decides what credit score range is deemed to be a good credit risk or a poor credit risk. For this reason, the lender is the best source to explain what your credit score means in relation to the final credit decision.

How is Your Credit Score?

Your credit score is an important indicator of your financial health. The interest rate at which you borrow money depends on the number of points that you accumulate on your credit score. With an unfavorable record in your credit score, you will not get the best rate available in the market to buy the car that you want or the equity loan that you need. If you are in the process of making a major transaction such as buying a house or a car, or just considering it, please do not wait until the very last minute to find out that something is wrong on your credit report. For just $34.95 TrueCredit will generate a comprehensive report of your credit history from all the three major credit bureaus. This report includes all credit cards records under your name, delinquency if any, late fees, and more. This report will help you pinpoint any inaccuracy on your record, such as fraudulent credit cards opened under your name, and any mistakes in your record. When you are in the middle of a major transaction, you do not have the luxury to go and clean your record. On a $100, 000 loan, one additional percentage point on your interest rate will cost you $65 extra per month, close to double the cost of this report. On a 30 year mortgage, this extra point will cost you over $23,000. A point may not look like much, but its cost adds up over the years. TrueCredit also offers numerous additional services, such as credit scoring and credit monitoring. Select the services according to your need, the small fee that you invest today will save you thousands in the future.

Monitoring Your Credit Worthiness

If you are constantly making transactions, you might find it beneficial to subscribe to the CreditCheck monitoring service of ConsumerInfo. For a yearly fee of $79.00, ConsumerInfo will sign you up for a 30 day free trial membership of CreditCheck monitoring service. This service includes:

• Free Equifax credit report at sign up.
• Free access to your credit report for a year.
• Monthly alerts to inform you of important changes to your credit file.
• Toll free consumer service with their experienced credit-trained Customer Care Representatives.
• Access to the exclusive Members-only areas of their web site where you'll find Dispute Tips, Home Sales & Neighborhood reports.

ConsumerInfo offers a six month money back guarantee. If you choose to terminate your membership within 180 days ( 6 Months ) you will receive a pro rated refund of your current year’s membership fee.

You can always attempt to resolve your credit worthiness after the damage is done, but it will usually happen when you can afford it the least, such as closing on a mortgage. Cleaning up your credit report is stressful and it can take months to resolve. It is much better to invest the money today to assure you will not have borrowing problems in the future. Monitoring your credit give you the peace of mind, knowing that all major changes will be flagged on a regular basis.

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