Applying Your Knowledge

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Applying Your Knowledge

• Page 363, 21Raheem Booker

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Credit Report Search

• Equifax.com
• Experion.com
• Transunion.com
• Annualcreditreport.com

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Why Should You Check Your Credit Report

• 1 Make sure mistakes aren't hurting your credit
• In 2004, more than 50 of the credit reports
  checked contained errors
• Reviewing your credit report can help you avoid
  costly errors
• The most common error occurs when the information
  of another person, with a similar name or account
  number, is recorded in your credit profile

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2 Track Your History of Payments

• Potential lenders want to see a history of timely
  payments before theyll consider offering you a
  loan or credit
• Check your report to see that your payments are
  being reported accurately to the credit reporting
  agency (CRA)
• A history of late payments will result in higher
  interest rates being charged or having your
  credit application or a loan denied
• Late payments will also lower your FICO score

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4 Keep Your Inquiries to a Minimum

• Make sure all of the listed inquiries were
  authorized, if there are unauthorized inquiries
  write to the credit bureau and to the company
  that made the inquiry informing them that you did
  not authorize the inquiry and to remove it from
  your credit file
• Potential creditors can regard too many inquiries
  within a short period of time (30-60 days) as a
  negative and can result in the refusal to extend
  further credit

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4 Protect Against Potential Identity Theft

• Identity theft has become the fastest growing
  crime in our nation
• Identity theft complaints increased 75 from last
  year according to the FTC
• Report any sign of identity theft to all three
  major credit bureaus to have them place a fraud
  alert on your account

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How To Protect Against Identity Theft

• Do not sign the back of your credit cards,
  instead put PHOTO ID REQUIRED
• Never have your social security number printed on
  your checks
• Check your credit report once or twice a year to
  make sure it doesn't have accounts you don't know
  about
• Shred or burn papers with credit card or bank
  account numbers, social security numbers, driver
  license numbers etc.

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• The End