Credit Rating Blog

Many younger people don’t really know what Free Credit Reports are or the point of them. I know I didn’t, so I did some research to find out.

“Credit Reports are a record of an individual’s or company’s past borrowing or repaying, including information about late payments and bankruptcy,” says Wikipedia. So pretty much, everything is included in this report, even that one month you accidentally forgot to pay your Nordstrom bill. The point of a credit report, I recommend a Free Credit Report, is so that credit card companies and loan offices can check out your information and see what your willingness to repay debt is.

Point blank—you should try to pay every bill on time and once a month because if you don’t, it will be harder for you to get approved for loans or credit cards or buying a house. It’s good to get a credit report once a year, just so you can stay abreast of everything that’s going on and to make sure that all of the information is correct. You never know if there was a mistake made or if you accidentally forgot to pay something, you don’t want to ruin your credit for the future.

I’ve noticed that there are a lot of different companies that offer free trials and offer low monthly rates. These will come in handy when that time comes once a year that you need to check your credit report.

I don’t know the best time to get your credit report but I would think it would be before a major purchase (car, house, etc) or after the big holiday season.