Why Would You Need Your Credit Bureau Anyway?
Many people think that their credit report is relevant information for banks and other financial institutions only. They don’t really know what’s inside their credit bureau or how to understand their credit score. We hear term such as Fico Score, Beacon Score, Empirica Score or revolving credit, R1, R2, R4, R9. What this is all about?
By ordering your credit report, you will be in a better position to understand those terms AND to make money with your credit score. You can Get Your 3 Credit Scores Today!
Here are several reasons why you should ask of a copy of your credit bureau:
Save money with a good credit score
A Good Beacon Score or Fico Score can lead to better lending conditions. For example, you can have a better rate on your credit cards, smaller payments on your personal loan and get the best mortgage rate possible.
In addition to that, you can save a lot of money on car insurance, house insurance and life insurance. People with higher credit score are recognized as careful people. Statistically, they have a higher life expectancy and less chance to have their car stolen or their house damaged. A good credit rating makes you save money!
Avoid Fraud
Have you ever heard of identity theft or personification? These fraudulent techniques are used to borrow money under someone else’s name. If you have been victim of fraud, you need to make sure you have a message in your credit bureau to reinforce security. By looking at your credit report every year, you will be able to avoid such situations.
Correct mistakes
Besides the risk of fraud, mistakes can be made by credit reporting agencies. A bank could forget to report a debt or a credit card company could expose past due payments related to another person in your credit bureau. It is yours responsibility to outline theses mistakes and have them corrected! Bad debts could result into bigger problem when you actually looking for financing your property for example.
Improve your Credit Score
If you want to have a better FICO score, you need to know what is inside your credit bureau in the first place. By requesting a copy of your report of credit transaction, you will be able to point out what needs improvements.
Experian, Emperica and Equifax
Credit reports are monitored by 3 major companies: Experican has the FICO Score, Emperica has the Empirica Score and Equifax has the Beacon Score. Each score is based on the company’s algorithm in order to assess if you have good or bad credit behaviours.