What about credit?

What About Credit Reports

Do you really need to know about your credit report? ABSOLUTLEY. So what exactly is your credit report? It is information regarding your credit used within the last seven years. So why is that important? Just what about your credit report?

Being an informed consumer is always important. One should know exactly what is on their credit report. Be proactive and aware of your credit report by making sure all of the information is correct and up to date with payoffs, balances on loans, and credit cards. It is your responsibility to make sure this information is correct. Our son’s car recently blew an engine and we realized it was too old to make the upcoming trips to college. With upcoming college, a senior in high school and other responsibilities we decided we should take a car loan out with our local credit union, of which we have been members for 14 years. I simply went to Ascend Credit Union and told them what we were interested in doing for our son and they asked me what I wanted to spend, I told them. They then ran my credit report. I was in good standing with credit, in fact my score was a 783, excellent. So what about your credit report? It made a difference to me to know I could borrow money from our credit union with their trust and good faith that I would pay this loan off based on my past credit history.

I was thankful to be able to qualify for their lowest interest rate and start shopping for the best car for our son. Being able to deal so easily with the credit union made me feel validated and responsible based on my credit history and my credit report. So what if your credit report isn’t good? Do not think your value as a person is related to your credit report. With today’s economy, bad things have happened to people with jobs, savings, interest rates, etc. But, it is your responsibility to be able to answer the question, “what about credit reports?” Be informed, know your credit facts, know your debt to income ration, check your credit report for mistakes. If your credit score or your credit report needs an overhaul…start today by taking a closer look at yourself and your money habits, then work on rewriting that credit report.

It is important to note that one should build credit over a 2 years period and make sure they keep a couple open lines of credit at all times.

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