Check credit score! Why? It makes no sense why anyone would do something as important as cleaning their credit without even knowing about it. The most important thing to check for is accuracy and timeliness. Your financial life depends on it.
A credit rating is basically a numerical value calculated on a detailed level review of an individual’s credit reports, to symbolize an individual’s creditworthiness. A credit report is generally derived from a credit history report, with information usually sourced from several credit agencies. The report contains a detailed overview of your past payment history and the amounts you owe, how often you pay them back and whether or not you pay them on time.
Credit history is the foundation of your financial reputation and is essentially a virtual history report of your financial activities. To check credit rating and score, just fill out a simple credit history query on any major search engine, such as Google, Yahoo! Search, Bing, or MSN.
After getting your results, you need to compare them to determine where you stand. Your credit report will show all your payment history – good and bad – with amounts owing to each creditor and repayment dates. This is what the lender uses to determine your FICO score. The scores are then added up to give a “real” score. Your credit report has nothing to do with the amount that lenders will loan you
If your credit history is poor, then chances are, you have missed some payments in the past and maybe your payments are overdue. Late payments or other negative marks on your credit report can make it difficult to re-establish a positive credit rating. If you have recently been unemployed or had a recent large expense, that will also have a negative impact. Your score may have been lowered due to your financial difficulty.
You do not need to check credit rating and score every month, but if you are in the market for a loan, you need to know how to obtain one. Many companies online, including some that offer loans directly to consumers, do not require a complete credit history report. However, these loans typically charge a higher interest rate since you are seen as more likely to default on a loan than someone who has excellent credit. A loan company does not need to check credit at all. They simply need to know your income, employment and assets to determine whether or not you can afford to pay them back.You can download The Good Steward Financial System on your Iphone or Android device and start the credit score management process today.