Credit Reports help you spot areas where you need to improve your finances or errors that you need to dispute and/or correct. These errors can have a big impact on your credit score, and thereby, costing you money in higher interest rates.
Did you know that a low credit score can hinder your ability to:
- Open a credit card
- Buy a new car or home at a lower interest rate
- Rent an apartment
- Acquire Utilities for your home
Keeping a close eye on your credit report – which summarizes your debts, bill payment history and other financial information – can help you do just that.
The reports are available either online or by phone and are FREE once per calendar year.
TRANSUNION
(800) 680-7289
TransUnion.com
EXPERIAN
(888) 397-3742
Experian.com
EQUIFAX
(888) 766-0008
Equifax.com
Keep in mind that your credit score may vary slightly by each of these providers. And a late payment on a bill over 30 days may stay on your credit report for as long as 7 years! But the good news is the longer you make on-time payments, your credit score will go up.
Your credit report also takes into account how you use the credit you have. It will compare your debt versus your credit limits.
Other factors included in compiling your credit score are:
- Length of credit history
- Different types of credit and its use
- Applications for new credit
So, before you close an older account which you may not use, consider that by doing so it may reduce your available credit and thereby lower your score. If you have questions about other items that effect your credit score, please feel free to call the Credit Union. We are happy to help.
