Credit Reports Mortgage Company
2010
Is Incorrect Information on Your Credit Report Hurting You?
Many entities glean information from your credit report. Your lenders, certainly, check your report before accepting your loan requests. Credit card companies use credit reporting more than any other single business entity. Mortgage companies, employers, satellite television providers, cell phone companies, landlords, all seek out your credit report in order to get ideas on your character and your credit worthiness.
Errors in your credit report can lead to erroneous conclusions that can have a very adverse impact upon many facets of your life.
If your credit report has errors, your mortgage company could, mistakenly, determine to charge you higher interest rates than they otherwise might.
A blunder on your credit report could cost you a job or a promotion.
A landlord might not rent to you due to an impression based upon an inaccuracy in your credit report.
The wrong entry in your report could raise your insurance premiums. Many insurers review credit reports to help determine payment amounts on life insurance, health insurance, homeowners insurance, and auto insurance.
Utility companies may require that you make a substantial deposit before they supply service to you because of something wrong with your credit report.
Cell phone companies may require a heavy deposit or turn you down for a service plan based upon an error in your credit report.
Your FICO scores may drop because of a mistake on your credit report.
It is truly amazing how many aspects of your life are influenced by your credit report. A good credit report can open many doors for you. A bad credit report can keep you from opportunities you never even knew were available.
A lot of the better things you want in life are offered because of your good credit report. Many companies make special offers to consumers they believe have good credit and exclude the ones who do not. Indeed, exclusion, rather than inclusion is the norm when it comes to good or bad credit. The shame is that you may never know what opportunities were denied you because your credit report reflected erroneous information about your character and credit history.
For these reasons, it is a good idea to check your credit report regularly. If you find problems or mistakes, these can be addressed and brought to a resolution. However, if you don’t know these errors exist, you cannot address them.
About the Author
Chintamani Abhyankar, is a well known expert in the field of finance and taxation for last 25 years. He has written many books explaining inside secrets of the magic world of personal finance. His famous eBook Stop donating your money to IRS which is now running in its second edition, provides intricate knowledge and valuable tips on personal finance and income tax.
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