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Credit Report - Are You Ignoring It? :Loan Insurance US

Friday, July 18, 2014

Credit Report: Keep It Clean

Rebecca’s Story

Rebecca a 29 years old Californian single mother left her job somewhat whimsically. Damn smart, beautiful, intelligent and knowledgeable, she had high confidence jobs are on her card. She applied for a management position and came out happy and confident from the interview. After waiting a fortnight, she began to lose her confidence. She contacted the authority and they told her they were sorry they could not employ a genius like her. They explained the reason — her credit history made them employ the next best candidate. Rebecca could not just believe her ears.

What was wrong with Rebecca’s credit report? It showed how irresponsible and irregular she was in dealing with her loan repayment and money habits. The management could not find her ‘responsibly trustworthy’ for the position.

The Limit

Rebecca knew the credit thing mattered only to lenders like banks, credit unions etc. The fact is THE LIST IS far wider. That it matters to lenders only is not a myth. Though that is the core thing, of course. In fact the following institutions are most likely to use your credit report or credit score. They may take into consideration either or both.

One) Banks

Two) Credit Unions

Three) Insurance Companies

Four) Auto Loan Providers

Five) Phone Companies

Six) Retail Stores

Seven) Employers (Not in every state)

Rebecca’s potential employers did not check her credit score. In fact they could not access it as employers cannot have access to job-seekers’ credit scores. But they can get your credit history. Were it known to her, she could keep it clean.

The Myth about Credit Score

The popular fear of people centers on their credit score. They think it is only credit score that matters. The truth is they are inter-related. Each is only one side of the same coin. A dark (of information) prevails there. It is the dark that media creates among us. You are always being advised to raise your credit score. There are tips and advice over the internet telling you how to raise your credit score. The doldrums are there.

I am afraid you are being kept unwittingly in the dark. While you are being advised to raise your credit score, you are being considered only as a prospectful borrower. Is it the lender’s propaganda, then? I do not know. I doubt so, of course.

Focus on Credit History

Yes, you should have no less focus on your credit history or credit report than on your credit score. Why? Because your credit report may be collected by more institutions than lenders. It tells the man that you are.

Your Image Imprinted

Yes, however you fear your credit score, credit reports are like pictorial bios.  They tell in words all about your financial behavior. Whoever reads it, understands who you are, how you are. This happens because of its descriptive nature.

A Footnote

So what does a credit report or credit history bear? See it this way — you have always been spy-cammed unawares. The cam has videotaped all your financial activities. He has spotted how, where or when you have made payments or repayments. And when asked, he gives you an impartial note of those videotaping in human language. The reader scrutinizes the report. He understands who you are, how you are, in terms of financial behavior. 

This is what Credit Report is like.

A Footnote to the Footnote

You must raise your credit score. But unless you are careful as regards your financial behavior, you are less likely to succeed in your endeavor. It will be like brushing the upper jaw teeth to make them clean.

Keeping the credit report clean is a habit. Keep conscious. Grow a conscious money habit. It will take you there. 

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