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I don’t know about you, but I’m pretty careful when it comes to my credit rating. I always make sure that my payments are in a couple of days before they’re due just to be on the safe side, and I even pay a little extra, when I get a bonus or overtime.

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You would think that would make me a pretty safe prospect for any bank wouldn’t you?

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Well, that’s what I thought.

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And as I’d never had any problems getting loans or mortgages in the past, I figured that was what the bank thought as well. I mean they were always sending letters telling me how much I could borrow so I figured they were happy to have my business.

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Anyway a couple of years ago things were going well at work, and we decided to buy a new SUV and that’s when I discovered what happens when you have bad credit.

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I’d call the bank and told them what we were planning and asked them to get the paperwork ready, so we could drop by and sign it. After all it was only 2 weeks before they had told me what a great customer I was and wanted to know what they could do to help.

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I was stunned when I got a call from them telling me that my credit rating wasn’t high enough for the loan I wanted.

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That was crazy. I’d never missed a payment, never defaulted on a loan, and I’d just had a raise – how could I not be good for the same money I’d borrowed 2 years before?

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That was when I discovered that clumsy typing can wreck your credit score!

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Long story short, someone at the bank had typed in the figures for my last loan as being $152 instead of $125 and the computer had decided I was a slow payer. For some reason, no one had spotted it and all the time my credit rating was sinking through the floor.

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It took a couple of weeks to sort it out but eventually the bank put things right and gave me the loan, but it showed me the importance of checking my credit report every year. You can get a copy of your credit report free from Experian as well as a free copy of your credit score. However, there’s something else that’s on offer and that’s a free trial of a credit monitoring service.

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I hadn’t heard about it before the bank mix up, but I’m glad I have now because it’s a service where the company keeps an eye on all the activity on your credit file each day and if anything changes, they email you within 24 hours to tell you about it.

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If I’d had it before I wouldn’t have had a couple of weeks delay in getting my new auto, and I certainly wouldn’t have had the stress that went with that delay. Even so, I just keep thinking what if had been fraud instead of a typo? I wouldn’t have known until too late and my credit rating would have been trashed for years!

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I suggest you get your free credit report and your credit score and check out the free credit monitoring trial to get yourself the peace of mind I’ve got now. You can get the details by clicking the link below.

How do you sit financially? Click Here to get your Free Credit Score.

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If you like what you see, why not support me with a $2 beer?

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As our credit report is so important to us learning how to read one is a skill, we should all learn.
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Although the layouts of credit reports differ slightly between each of the credit reporting agencies they are all fairly similar because, of course, the information contained in them is pretty much the same.
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There are normally four sections in the report each dealing with specific topics. It is important that when you go through checking it, you read each of the sections carefully and don’t make assumptions about the information you know off by heart. Each section has been entered onto the computer by someone who doesn’t know you and that gives plenty of scope for errors and typos.
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The very first section contains publicly available information such as bankruptcy or unpaid tax liens that you may have currently or have had in the past. Any bankruptcies will show for the previous 10 years while it will be 15 years if you have had unpaid tax.
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In the second section, you will find all the details of your credit history. It will include information such as outstanding balances, date the loan or credit card was taken out, whether or not the loan is just in your name and any late or missing payments you may have had.
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The information contained in the third section is split into two parts. In the first part are details of all the inquiries made about you when you have made applications for loans or finance. While in the second part the inquiries are related to existing accounts where lenders may be checking up on you for pre-approval offers and the like. It is also where your own requests for your credit report will show.
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And in the final section are all your own personal details that you would expect to find in a credit report.
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Once you have seen your first credit report you will be better able to understand how banks and loan companies can form such a strong picture of your creditworthiness from one.
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To get a copy of your credit report for free you should go to http://www.nationalcreditreport.com

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If you like what you see, why not support me with a $2 beer?

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One of the most frequently asked questions about bad credit is whether or not credit repair is possible once someone finds themselves in that situation. Many people believe that once they gain a reputation for poor credit they are never going to be able to get mortgages or loans in the future.
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The good news is that is very possible to re-establish your credit rating. Unfortunately, the bad news is, is that it will take a while for you to do so.
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Contrary to the advice that many of the so-called credit repair agencies like to give out, there is no quick fix solution to bad credit. The reason is very simple if you think about it. If it was possible simply to wipe out your credit history, the credit bureau business would be worthless overnight. They count on being able to give potential lenders an accurate picture on how well or how badly you have repaid previous loan commitments.
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That being said you can easily over a period of time rebuild your credit score and so regain the trust of future lenders. The best way to get started on doing this is to get hold of a copy of your credit report for free (you can get a copy at http://www.nationalcreditreport.com right now) and take a look at what the bureau is saying about your credit.
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Once you have your report go through it carefully and make sure that all the information is being accurately reported in it. The last thing you need is false information compounding an already poor situation.
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When you have made sure that everything is ok there, you should then speak to your lenders and begin to make arrangements for getting your accounts up to date and sorted out. It is by doing this that you will be able to re-establish their trust in you and rebuild your credit rating. Once you get moving on this you will quickly discover that credit repair is certainly possible.
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You can go and get your credit report for free at http://www.nationalcreditreport.com

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If you like what you see, why not support me with a $2 beer?