If you have faced challenges getting approved for credit accounts due to a less than perfect credit score, then you want to spend some time figuring out why you’re being declined. It could be due to late payments, overspending on credit cards, or other negative marks on your credit report. Regardless of the reason, there […]
Every now and again I’m asked if it’s possible to check someone else’s credit report and credit score. The answer, of course, is “Yes”. However, before I offer any advice as to how this is accomplished, I first make sure to ascertain the individual’s particular motivation for looking it up.
Your credit score is comprised of a number of factors, not the least of which is your history of on-time payments. If you made the unfortunate mistake of being late on a payment for a credit card, student loan, mortgage, or personal loan in the past, it may seem like all is lost.
Your credit score is one of the most important aspects of your financial life. When a credit score is high, potential creditors such as credit card companies, mortgage lenders, and even employers feel confident in your ability to be responsible when managing money.
For borrowers, it can be a difficult task to keep up with monthly debt obligations, especially when the number of credit accounts increases over time. Although it may be challenging to remember due dates or amounts due, it is important for individuals to keep a close eye on when accounts need to be paid.
Now that you’re familiar with what credit is, how credit reports are created, and where credit scores come from, you might wonder: why do I even need credit? Can’t you just pay cash for everything from now on and forget all this?
Credit is a necessary component of anyone’s financial life, for better or worse. Access to financing for major purchases like a car purchase or buying a home requires a solid foundation of good credit. But now, it’s standard practice for employers, insurance companies, and landlords to take a close look at an applicant’s credit history […]
Credit reporting agencies and the businesses that report to them are responsible for maintaining accurate records. Unfortunately, the burden of proof still primarily falls on you, the consumer. The United States Federal Trade Commission (FTC) recommends checking your credit report on a regular basis to spot and report errors.
It doesn’t take much to get into trouble with your financial history. One late or missed payment, an account in collections, or a season of overspending on a high-limit credit card can lead to disastrous results for your credit history and score.
Bad credit can affect nearly anyone over the course of a lifetime and for myriad reasons. Getting in over your head with credit card spending, being consistently late on debt payments, or facing bankruptcy or foreclosure all leave a negative mark on your credit file. Regardless of the cause of your less than perfect credit, […]