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Annual credit report 11 Facts You Need to Know to Save Money

Posted on Wednesday, 17th February 2010 by jkibler

Annual credit report Read this learned how to save money by getting your credit report free and lower your interest rate and your payments and protecting your credit.

Facts concerning your annual reports:

1. Everybody in America is entitled to get a credit report at no cost once per year from each of the three major credit bureaus. Because of the fair credit reporting act and the fair and accurate transactions act this requires each credit reporting bureau to provide these credit reports to everybody every 12 months who request it.

2. A credit report is a detailed listing of a person’s credit history and includes

3. Your payment history, which accounts for 35% of your overall score. This part of the report reflects performance over a period of time. If you pay your bills late your scores are going to be negatively affected. If you pay all your bills on time your score is going to be positively affected.

4. Outstanding debt is also reflected and that is about 30% of your score. This shows how close you are to your credit limit. Lending institutions do not like to see your credit cards up to the limit especially if you have been making the minimum payment each month. With the lending institutions like to see is a low balance with a high limit on your credit cards and this will dramatically raise your credit score when you get into this type of position.

5. Credit history, which is 15%, is very important because it shows what has been going on with your credit history going back a number of years.

6. New credit bureau inquiries account for about 20% of your overall score. Lending institutions do not like to look at your credit report and see that numerous people have been making inquiries for the purpose of granting you a loan.

7. The free credit bureaus will provide only a report and not your overall credit score, which is something you will have to pay for if you want it.

8. Banking institutions will look at your overall credit score but the important thing is if your report is good your scores going to be high.

9. If your credit report score is low due to the fact that there are inaccuracies on your report have these remove and your score will go up.

10. If you score is low due to the fact that you have been late making your payments get your payments up-to-date and your credit score will go up.

11. When your credit score goes up after you’ve done these things your interest rate is going to be lower and your payment is going to be lower on any future loans.

Jimmy says make sure your credit report is good and contains all good information such as making your payments on time and your credit score is not something you have to worry about.

Whoa Jimmy?

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