What's on Your Credit Report, Anyway? (cont.)
Contributed by Rachel Johnson
How do I know what's on my credit report before making a purchase?
Before you attempt to make any major purchases such as a home or auto loan you should check your credit report through your loan agent, or even an online credit report agency so their are no surprises. If their are inaccuracies you should contact the company that reported them and resolve the situation. If you have a lot of late payments, you should attempt to repay the debt before proceeding with the loan applications.
What if I have late payments and other blemishes on my credit report?
Late payments on your credit report may not keep you from getting a loan, but it will keep you from getting the best terms and rates possible. And in some cases, it may keep you from being able to make those major purchases right away.
But I'm a nice person! Doesn't that count for something?
When it comes to borrowing money, your credit report represents you. It's all about the numbers, and when a financial institution looks at your credit report it doesn't matter if you are a nice person. What matters is if you qualify for their loan programs.
Take care of your credit from day one. Don't assume that it will be ok if you are young, because age just isn't an excuse for bad credit. Don't pull your credit report unless you need to, but be aware of what is there and respond accordingly. Your credit report is important. You'll need a good credit score someday, so take caution, spend wisely, and pay your debts as scheduled.
