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why credit report is important?  

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is credit report really that important------- if so why?
 

asked Feb 18, 2005 11:58 AM

Anonymous
Best Answer
10
best answer

Welcome to the debt consolidation care forum.


Quote:

is credit report really that important------- if so why?


Yes, credit report is the most important document that verifies your financial standing at present. It is also the most authentic proof of how well you had managed your finance in the past.

Your payment history is reflected in your credit report.

In case you apply for fresh loans, the credit report plays an important role in proving your eligibility.

If you are undergoing debts your credit report will show you the status of your accounts on which you owe money to your creditors. You can calculate and keep a track on your debt amounts and your creditor's profile on studying your credit report carefully at regular intervals.

You can also find out the status of your credit rating from your credit report.

However, keep in mind that you can obtain your credit reports for free from the credit bureaus. If you find any dispute in your credit report, you can correct them by contacting the credit bureaus.

Hope it is clear to you the importance of a credit report. It is one of the most prized financial documents that every individual should have.

Hope you come up with more queries to us and also share your ideas and experiences with other members of the forum.

Regards,
Jason

answered Feb 18, 2005 11:45 PM

10 Answers

0

Hi lobster,

Welcome to debtconsolidationcare forum.


Quote:

Originally Posted by lobster
is credit report really that important------- if so why?


A credit report means your credit history. Credit report contains the entire past and present payment list. The accuracy of payments of credit card debts, all types of Bills and repayment history of loans reflects your credit report. Good credit report plays a significant role in a secure and happy financial life.

Thank you,
Simon

answered Feb 18, 2005 02:59 PM

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get a report! i got mine and i found 3 entries for debt that were paid in full ... getting mistakes corrected will improve your score ... its like a video game that has no reset switch.... deal with problems now before its too late.

answered Feb 22, 2005 12:16 PM

0


Quote:

Originally Posted by Harleygirl2185
get a report! i got mine and i found 3 entries for debt that were paid in full ... getting mistakes corrected will improve your score ... its like a video game that has no reset switch.... deal with problems now before its too late.


Perfectly true ! It is like a daily work out at the local gym, one needs to work for it to achieve a good result .


Thanks
Simon

answered Feb 22, 2005 05:47 PM

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Hi Harleygirl2185,

Thanks for your valuable information. I'm sure that this piece of information will bring the awareness amongst other members of the forum and will instigate to check their credit reports at regular intervals.


Quote:

i got mine and i found 3 entries for debt that were payed in full ... getting mistakes corrected will improve your score


If you remember, i had mentioned in my earlier post that all of us need to check our credit reports thoroughly and if any disputes arise; we need to inform the credit bureaus regarding them.

Hope you understand now how important it is to check your credit reports minutely at regular sessions. At times they might show a negative listing in your report that is already cleaned. Thus beware!

Include this task in your weekly planner and make it a habit with other activities in your weekly routine.

Hope you give some valuable tips and some real life examples to motivate other members more often. icon_biggrin.gif

Regards
Jason

answered Feb 22, 2005 09:29 PM

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Always keep your credit report clean, it really helps.

answered Feb 23, 2005 09:47 AM

0


Quote:

Originally Posted by lobster
is credit report really that important------- if so why?


Yes a credit report is very important. Credit companies use your credit history from your report in order to determine your creditworthiness. They try to **** your ability to handle debts and repay them in a timely fashion. Missed payments, bankruptcies, etc all effect your credit report. These details included on your report effect the manner in which you will be perceived by the different credit companies.

So it is of paramount importance to check your credit report from time to time. It is very important to clear up any errors that may appear on your credit report. Mistakes do happen but if you don't read your report you will never know about them. You will only be met with a stream of No's from lenders. In order to prevent any unnecessary headaches from errors, you should check and correct anything that seems incorrect.

Also, Identity theft is on the rise. You should stay up to date with your credit report because some people may be using your credit information for their own illegal purposes. They may take out loans on your record, run up debts and not pay them. And this would result in ruining your credit. Again, if you are not aware of these incidents on your credit report, you may allow criminals to get away with abusing your credit.

****Adult term removed - Jason

answered May 31, 2005 02:58 PM

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Hi Lobster

Quote:

is credit report really that important------- if so why?


Credit report is also very necessary in making decisions regarding your credit worthiness such as credit cards and accounts. It also a very decisive factor in mortgages, employment opportunities, and also the type and rate of insurance you are eligible for.

It will be a pleasure to have you in the forum regularly.

Regards
Roxette

answered May 31, 2005 04:54 PM

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i want to know how credit os importanc especially to the poor.

answered Feb 23, 2006 11:36 PM

Anonymous
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Your credit report is very important. Some employers look at it before giving a job and a bank will look at it before they will open a checking acount with you.

answered Feb 24, 2006 04:10 AM

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