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Do You Need A Credit Repair? Know The Importance Of Your Credit Reputation

February 13, 2012 | Comments: 0 | Views: 174

Are you the type who's living for the present or are you the one who prepares for the future? If you are the latter then you might be cautious about how much credit you already have and whether you have settled all of the loans that you have. Even if borrowing money or having credit is inevitable in today's trend, it doesn't necessarily mean that you can borrow whenever you like and take the paying for granted.

Don't you know that all your credits are recorded in your credit report? All the entries in your credit report will last from 7-10 years therefore both the positive and negative credit remarks can clearly be seen in your credit report. There are three major companies holding this information: TransUnion, Equifax, and Experian. Whenever you try to apply for a loan or even apply for a job, the companies that you apply to will request a copy of your credit report and will take a look at your credit reputation from there. When you have a good credit standing or credit score, you will have a higher rate of approval for loans and you will also be offered more competitive interest rates. On the other hand, having a good credit score might put you at risk of being declined of a loan or even a job.

It is recommended that you check your credit report at least once a year. You are entitled a free copy annually or every time that you were disapproved of a loan, insurance or a job. You have to make sure that all the information in your credit report are true and correct otherwise, you can dispute them by writing a dispute letter to the three major companies so that they can verify your claim.

You may not realize this but maintaining a good credit score will be able to help you a lot in the future. Later on, when you decide to apply for a loan to refinance your house for remodeling or if you plan to buy a new car, everything will be made easy because you have a good credit score to back you up.

Remember that repairing your credit score does not happen overnight, you need a lot of time to improve your credit standing so it is better to start early rather than regret not making the move when you had the chance. Your credit reputation determines how dependable you are as a creditor that is why it is the basis for many lenders before they will finally decide to lend you some money or not. Fix your credit score while it's not too late!

Looking for a way to repair your credit? Ed Thurston writes the latest tips about how you can do your credit repair for free. His latest site may help you get solutions for your poor credit.

Source: EzineArticles
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