Whether you know it or not, your credit score is one of the most important numbers in your life. Your score is the biggest determining factor lenders look at when assessing your risk for any type of loan and if someone is worthy enough to obtain their products or services. This affects the types of interest rates one can qualify for or whether or not one can qualify at all. Armed with this information, having a healthy credit score may save you thousands of dollars a year as a result of improved lending terms and interest rates. In this economy everyone can afford to save money and getting our credit in better shape should be a priority for all of us!
We all make financial mistakes at one point or another. Our ability to learn from those financial mistakes and avoid from making them a second or third time is what is going to help maintain a good credit score and help save money in the future. The biggest problem with credit is an inaccurate credit history, reflected in our credit score. Over 80% of all credit reports contain negative or erroneous data that cause a lower credit score resulting in higher interest rates, higher monthly payments or the inability to qualify for any type of loan. Thankfully, the law gives you the right to dispute any credit listing on your credit reports that you feel may be inaccurate, untimely, misleading, biased, incomplete or unverifiable (questionable items). If a credit bureau can not verify the accuracy of a disputed listing, then it must be removed from your credit report. The Fair Credit Reporting Act (FRCA) gives you the right to accurate credit reporting. Exercise that right by having your questionable credit listings either verified as accurate or removed from you credit reports according to the law.
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