Credit Report Information for Teenagers- Yes, It is Important (cont.)
Contributed by Lisa Marie
After you buy your new car, you will need to buy insurance. Insurance agents are another group that can gain access to your credit report. From your report, they can look at how you've paid your bills in the past, where you've been living, and where you are working and how long you've been there. Your insurance risk factor goes up if your credit is not good, therefore making your payments go up.
If your credit is really bad, there are some insurance companies that won't even think about insuring you. If you happen to be way behind on your bills, an insurance agent might think that you'd consider hitting a tree with your car so you can collect the insurance money.
I'm not making this stuff up...It's the truth.
Stay on top of your credit report making sure that the information on it is accurate.
Credit reports can have errors just like everything else. It is your responsibility as a consumer to check for accuracy. You should do this annually. your report will have instructions for you to follow if there are errors on your report.
Who makes the credit reports?
Experian, Trans Union and Equifax are the big three credit bureaus. It's very possible to have information and/or errors on one yet not the other two. That's why it's important to check your reports from all three credit bureaus, compare them and make sure that they are accurate so you can build yourself a strong financial future
