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Learning the basics of the credit information process, and keeping your credit free of errors, is essential to good financial health. The 3 major credit bureaus - TransUnion, Equifax, and Experian - collect, maintain, and provide your report to landlords, businesses, and employers who need to check your financial responsibility.
It's wise to check your credit frequently for signs of fraud. If someone obtains your social security number, only a few additional pieces of information are necessary to commit fraud in your name. Common types of identity theft include fraudulent bank accounts, credit cards, utilities, and loans. Early detection is the key to avoid suffering long-term financial consequences.
Your credit information from TransUnion, Equifax, and Experian, the 3 major credit agencies will contain 4 important sections. Each contains one piece of your total credit picture. Carefully check each report for common errors such as misspellings, name confusions, and incorrect information.
A good credit score is your passport to competitive interest rates for mortgages, cars, credit card offers, job offers, insurance premuims and more. A strong score is worth money because it saves you excess costs, so don't ignore it.
For example, see how a fixed 30-year mortgage payment varies according to credit score and the interest rates it dictates. A difference of two hundred points in score can offer a savings of $448 a month for the same $200,000 house loan.
| Credit Scores: | 550 | 650 | 750 |
| Monthly Payments: | $1,643.00 | $1,339.00 | $1,195.00 |
| Savings: | $ - | $ 304.00 | $ 448.00 |
If your score is below 650, your future finances may be significantly affected. Get a copy of your 3 Credit Score online today.
Note: www.freescoreonline.com provides information and links to credit related products and information. Upgrades for a FICO score and other promotions are available from the provider. Learn all the facts about credit management and credit monitoring at www.freescoreonline.com.
* Credit Diagnosis provides you with the tools you need to access and monitor your financial/credit information through the program's credit reporting and monitoring benefits. Credit Diagnosis and its benefits providers are not credit repair services providers and do not receive fees for such services, nor are they credit clinics, credit repair or credit service organizations or businesses, as defined by federal and state law. Credit services are provided by TransUnion Interactive, Inc.
** After verification of your identity, your scores are available for secure online delivery in seconds.