Some people believes age is just a number, but your credit score is more than just a number. More like the most important set of digits of your life other than your social security number. Your credit score determines more than just your ability to secure credit; a bad credit score can make you jobless or even homeless. Lenders are often scared of taking on individuals with bad credit score, leaving them with a burden of paying abnormally high-interest rates on credit.
You cannot even imagine the stress you will be subjected in trying to purchase a home or leasing an apartment. Often times, the credit score of individuals is checked before a lease is signed. Aside from securing suitable housing, a good credit score will come handy with paying utilities. In any event you have a low credit score or you are aiming to take it to a comfortable zone, we’ll be suggesting free DIY tools that can make this herculean task easier;
Check Through Your Credit Reports
You are entitled to a free credit report annually according to the Fair and Accurate Transactions Acts (FACTA). There are three credit bureaus; Transunion, Equifax, and Experian. You should request your credit report from each of these credit bureau. With your credit report with you, peruse through the report looking at the identifying information which will contain your name, address, and social security number. Look out for the creditor information, this is the most important section in your credit report.
Attention must also be paid to collection account in the credit report. All the account in collection will be listed and outlined, including the contact information of the reporting agency. Another section of the credit report is the public records which will state tax liens, bankruptcy claims, and late payments. Lastly, you will see the agencies and organizations that have requested your credit report at the public section.
Make Use of Dispute Portals
Using this tool, you can dispute every inaccurate information found on your credit report. The three credit bureaus have access to a dispute portal on their website through which you can request for corrections. These dispute portals have different but related requirements for accessing the portals.
Credit Simulator Can Tell You Where It Seems Wrong
With this tool, you can ascertain what your credit looks like under wide range scenarios. You can check how opening or closing an account, changes in your credit habit and a change in credit card debt. Most importantly, a credit simulator is mostly concerned with how negative scenarios can hamper your credit scores. Credit simulators rely on carefully calculated formulas which will help in determining the best scenario to get your credit scores into a safe haven.
Identity Theft Protection Can Save You Hassles
Identity theft is not new, but it’s now on the rise. With your name and social security number, fraudsters can perpetrate evil that could lead to a colossal damage of your credit score. The use of an identity theft protection tool, will make you aware of an unauthorized use of your personal and contact information such as social security number is used. With real-time notification, the actions of identity thieves will be cut short before the damage is done.
Monitoring Alerts Will Provide Real-Time Data
Technology has made so many aspects of our lives easier especially in the area of finance. Any form of change to your credit report. This tool will enable you stay abreast of any change to your credit.
However, there are a lot you can achieve with this tools. The most potent route to having a better credit score is to consult professionals who will give your credit rating a fresh start.
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