Make Sure Your Credit Report Works For You


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You just filled out a mountain of loan application forms. Now, you wait for a call from the loan officer. You feel confident; loan applications have never been a problem for you. The phone rings and your loan officer says, “there's a problem with your credit report”. Your frustration increases because you know your high FICO Score (Fair Isaac Credit Organization) saves you money. Something must be inaccurate on your credit report. Now what?

Since credit and identity verification play a major role when applying for a loan, take action to get the FICO Score you deserve on your credit report. FICO uses a mathematical model when giving every creditor a score. FICO scores:

* Your payment history

* Your debt level (how much you owe now)

* What types of credit you used in the past

* Your credit history (how many years have you been borrowing)

* Your most recent credit approvals

If you think you are the only loan applicant with credit report inaccuracies, you are not! Mistakes on credit reports are the norm. Errors on credit reports affect more than 75 percent of consumers. Misrepresentations on your credit report hurt you in a number of ways.

Loan report errors may keep you from getting the job you want. Many employers use credit reports when considering you as an employee. Loan report errors may cost you more when applying for insurance coverage; insurance companies raise rates for people with low credit scores.

When you get turned-down for a loan, get a higher interest rate than usual, get turned-down for a job, or your insurance premiums are rated highly, you can get help. If your credit report led to these higher costs for services, you are eligible for credit repair.

Finding credit report errors is the first step. Most of us just have no idea how to fix these errors. Getting turned-down for credit disappoints and frustrates. Fixing the problem yourself may overwhelm and discourage. Getting help from an expert will help you work through these issues professionally and effectively.

Of course preventing these mistakes on your credit report is the first step toward credit prevention and protection. Fixing credit reports takes a lot of time; get professional help to fix them before you run into problems and embarrassment. Asking for help saves you time and money. For example, an undiscovered credit report error could cost you one to two percent in interest rates on a $100,000 mortgage making you pay more than $40,000 in over-payments during the life of the loan.

The Fair Credit Reporting Act guarantees the right of the consumer to dispute any inaccurate and erroneous or obsolete information showing up on your credit report. A credit expert helps you exercise your rights guaranteed under this Act. Take your first step by reviewing the credit repair resources found at Better Credit

Larry Guidi is affiliated with Benchmark Literacy Group Credit Educational Services as an independent representative. He offers consumers a 12-month clean credit checkup through the three major credit bureaus: Experian, Equifax and, TransUnion. Larry is a well-known advocate of consumer reporting accuracy. You may call Larry Guidi (408)210-4035) and learn how he can help you increase your credit score. Learn more about his services at Better Credit - Copyright 2005 Larry Guidi


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