February 5,2009
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Your Credit Card Reputation, Pt.2
– Start with a free credit report and check it out.Most of us don't realize that the credit card reporting agencies are saying bad things about us until it comes back to bite us. There's a better way to find out, though. Review our credit card reports early on to find out what's being said. Often times, people find inaccuracies in many different forms. Some items are an easy fix, while others can take some time and effort. So, the first thing to do is take a look at a current report. Fortunately for us, the Fed has provide for us all to receive three free credit card reports every 12 months – one from each of the national credit reporting bureaus: TransUnion, Experian and Equifax. It's recommended to stagger out these requests over the 12-month period in order to check progress of corrections along the way.
To order your free report, all you have to do is log on to the AnnualCredit-Report.com site. (Beware of all the ‘parasitic vendors' out there who promise to do the work for you for free. Most of them are ‘out to get ya' in some subtle way by compelling you to buy something from them along the way). So, log on yourself and pick one of the three bureaus to get your free downloaded credit report. By the way, this is a good opportunity to get your credit card (FICO) score to see your credit card health in a nutshell. This number (ranging from 300 to 850) can tell you a lot right off the bat. As you download your credit report for the first time, you can get your FICO score for half-price ($7, as opposed to $15 later).
With your report in-hand (or on-screen), you will immediately be drawn to find out what "they're saying about you". The full report itemized every credit card payment and is usually lengthy but, there is typically a summary of the important things right at the top. As you read the more detail below, you will find inconsequential things mixed in with important things.