Credit Worthiness
Free Credit Reports are plastered all over the place,
internet, TV, radio, and mail. The need to know is so
important these days because everyone wants to know your
credit. The current credit crunch that is taking place is
making it tough to get loans, jobs, credit cards, and / or
new place to rent. We all know things come up and cause
credit issues, but if your credit shows a pattern of credit
problems creditors want to know your risk. The foreclosure
boom that is taking place now has almost put some of the
biggest banks out of business. Fair Isaacs's new software
Next Gen is so precise in determining your risk, it will be
the standard for calculating your score. With this new
software it will soon be adopted with Freddie and Fannie in
the underwriting decision process. Call me silly, but it
looks like having your free credit report during today's
times is a must.
Identity Theft
The digital age has also has made your information
accessible, and if there is some kind of security breach
you would never know unless you signed up for credit
monitoring services. The 3 credit bureaus now offer credit
report monitoring services. Since this is a huge problem,
this is another reason to have a copy of your free credit
report to see if there is anything on there that may not be
yours. Identity theft is such a huge problem that you
cannot take any risks. According to statistics, once you
have been robbed of your good name, you will be out of
pocket somewhere in the range of $8,000. Identity Theft
does not care who you are, they will steal you blind and
destroy your credit.
Save Money
Having a copy of your Free Credit Report will save you
money on credit cards, bank installments, mortgage rates,
and just about any loan you apply for. In past articles we
have discussed how you would end up paying thousands of
dollars more because either you were not educated about
your report, or you just had bad credit period. The result
was creditors charged high interest rates on borrowed
money. Just imagine if you could save an extra $200.00
dollars a month because you knew your credit scores and
what was being reported about you. $200.00 dollars a month
over 15 yrs is $36,000 dollars saved not including interest
earned. If you start to really get down to the nuts and
bolts of your personal creditworthiness and how it can
affect your life I would say it's pretty darn important. I
would not wait any longer, get your report today and be an
educated and protected consumer.
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About the Author: Mike Clover is the owner of
http://www.my720fico.com . My720fico.com is one of the most
unique on-line resources for free credit score reports,
Internet identity theft software, secure credit cards, and
a BlOG with a wealth of personal credit information. The
information within this website is written by professionals
that know about credit, and what determines ones credit
worthiness.
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