My Credit Report

These days personal finance matters are never straight forward and there are numerous aspects to take into consideration when you are organizing your own portfolio. One of the most important things is your credit history and you will be amazed when you discover so much information you have no previous knowledge of, as I did when I got hold of my credit report. The report is free of charge and a great deal can be gleaned from it.

You would expect that I would be aware of everything going on in connection with my finances but my credit report made it quite plain that this was not the case. My credit report showed that I had a credit card from a creditor I have never even heard of, let alone used, and although the debt was being paid in a timely manner and the rating was not bad, it was clearly nothing to do with me.

Another thing I came across in my credit report was the fact that a loan I had taken out and duly paid back over ten years ago was still showing as open. Even though the loan showed a steady history of payments, the fact it was still there totally infuriated me.

You may well be asking what's the big deal about all this. They are only small things and of little consequence. Nonetheless, I decided to put the record straight and update my credit report , and although it was by no means an easy task, I am extremely glad I got around to doing it.

I realized that these errors could affect any decision on future loan applications I made, and this was a concern for me. Both of the aforementioned creditors were showing debts I did not have and this made my overall debt look far more than it was. I was aware that when applying for further credit, say for example, a car loan, the two balances could in fact stop me securing the borrowed finance at a good rate.

The balance of one of the loans detailed on my credit report was actually nil, yet the creditors still had me down as owing more than one thousand dollars. When applying for my new car loan this is something the lenders would take into consideration when assessing whether or not, along with my other creditors, I would be able to pay them back. I made it my priority to obtain proof that this debt had been totally cleared.

Even the credit card showing an excellent payment history could have spoiled my chances of having a loan for a new car approved. This is the debt that had never existed in the first place, but the repayments for this loan would once again be taken into account by the new lenders when making their decision about furthering me an advance for a car.

It is more than likely that my car loan application would have been turned down because of these two false debts appearing on my credit report. This would have been very disappointing for me. For this reason I am very glad that I decided to check out my credit report and was given the opportunity to update the information it contained.

 
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