In my last blog post I talked about a lot of things. I rambled a lot, and I tend to do that when I am speaking on things I am passionate about. Being financially savvy and successful in life across all fronts is something that you will find hits a soft spot when you speak to me. Anyhow, let’s do a quick recap and I promise to put this in a much more logical and organized manner going forward!
So let’s recap….
I talked about why your credit score is important
I talked about your FICO score
I talked about the primary credit category groups that you need to keep an eye on
I also spoke about WHY you need good credit
For today’s tip I want to speak briefly about getting a copy of your credit report and why it’s important. This is actually the first thing that you should do to understand where you need to start. I want you to GET A COPY OF YOUR CREDIT REPORT TODAY, not tomorrow! We need to know what’s on there so we can build a game plan and a strategy that aligns with your personal and professional goals. You are entitled to this and Federal law dictates that you are allowed to request a free copy of your credit report every 12 months from each credit reporting company, Experian, Equifax, and Transunion.
Here is a list of websites I recommend for pulling copies of your credit report:
www.identityguard.com – Free for 30 days and gives you 3-Bureau monitoring
www.creditreport123.com – $1 for 30 days and gives you 3-Bureau monitoring
Before we can even talk about aligning your credit with your personal and professional goals, we need to know what’s on it. I recommend www.truecredit.com and this is the site I use more frequently than any other service. I use this service because the format is much easier to read and understand, it allows me to better see all of the important aspects of my file such as the score, debt-to-income ration, payments, total amount of debt, etc. It also allows me to easily see any updated changes side by side so I can easily compare the old and current versions of my report.
Your personal credit report is an easy-to-read record of your credit accounts and total indebtedness. In my opinion it’s a good idea to review your credit report at least once a year and also when preparing yourself for a major purchase. You can request a copy of your report directly from any of the 3 credit bureaus Experian, Equifax, and Transunion. These are the 3 major credit-reporting repositories that collect information on you and your use of credit. These are the companies that lenders go to when they are seeking to make a decision as to whether or not they want to extend you a loan or a credit card. This is very important to understand and it is also important to understand that the information reported to all 3 will vary. So it is even more important that you check all 3 bureaus on a regular basis. You also want to ensure nothing fraudulent has been added to your report as well, which get’s into credit monitoring. A topic I won’t discuss on this post.
Pulling your credit report gives you the opportunity to see what needs to be added and what needs to be deleted. The way your credit file works is this, a LACK of certain items will hurt and having too many items can also hurt you. Think about a seesaw at a playground. If there is too much weight on one end it goes out of balance. The only way to balance out the seesaw is to compensate with an equal amount of weight at the other end. This is an analogy that is indicative of what your credit report is like. There is a formula that exists, when done correctly, gives you the best and most optimal chance of being approved for anything that you want! I am speaking from experience. The formula I will address in a later blog post, but for now let’s start with getting a copy of your report TODAY!
PROBLEM: I don’t know what is on my credit report.
SOLUTION: Visit the websites I’ve mentioned above to gain access to your credit report. By law, you are entitled to one (1) free copy of your report every 12 months.
2015 CREDIT RESTORATION PROGRAM
If you are interested in our Credit Restoration Program where we consult our clients on restoring their credit profiles to align with their personal and professional goals email me now at firstname.lastname@example.org with the subject line, “Credit Coaching/Consulting Services” to schedule a 30-minute consultation. I want to START you off on the right foot in 2015!
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