Credit Score Article
My credit report
Personal finances are never simple especially in this day and age. There are so many things to consider when you organize your own portfolio. One of the biggest considerations is your credit history. I discovered that my credit report held information that I didn’t know existed and I learned a valuable lesson after getting my free copy.
You would think that I should know everything that is in my credit report but I absolutely did not. There were little details that really stood out in my pages. First and foremost, there was a credit card debt listed from a creditor I never used. The payments were up to date and the rating was quite good, but I didn’t have a card by that carrier.
I also found something pretty aggravating in my credit report. There was a loan that was paid in full over a decade ago still listed as open. Again, this listing on my credit report was seemingly fine considering that it was showing a steady payment history.
So what’s the big deal? I initially thought that these little mistakes were no problem. After all, there were well-paid and I had a good rating with both organizations. However, I did think that I should make an attempt to clear things up anyway. The process of fixing my credit report wasn’t easy but I am glad that I did.
What seemed like mundane little errors could have cost me my new car loan. Since both of these creditors listed debts that I didn’t have, it appeared that I had more debt than I actually did. When it came time to get my new car loan, I quickly discovered how easily these two balances would affect my ability to get a good loan.
My balance on the one loan was zero. However, the company still had me listed as owning over a thousand dollars. The new car loan company would naturally assume that I still had to make monthly payments on this debt. But it was actually paid in full. I had to get proof that my credit report was simply wrong.
The credit card that had an excellent payment history could have still marred my chances for my new car loan. This particular debt (which didn’t even exist) was well into the thousands, making it appear that I had an obligation to pay this in monthly installments as well.
With the two bogus debts on my credit report, the loan company would have probably turned me down. And that would have been a very sad moment for me. I have to say that one of the best decisions I ever made was getting the information on my credit report updated and corrected.
