Do You Know Whats On Your Credit Report ?

Home
>
Credit
>
Do You Know Whats On Your Credit Report ?

Do You Know Whats On Your Credit Report ?

It is important to know your credit rating for a number of reasons. Believe it or not there may be errors in your credit report, and it is essential that you repair them immediately.

It is a common practice for a bank or lending institution to check your credit, and within minutes they will know more about your financial background than you will. Is this something that is appropriate and to your advantage? No, absolutely not. It is truly a disadvantage for you when negotiating a loan.

Imagine that you are negotiating for a loan and don't know that you have bills outstanding or worse there may be errors in the report itself. Whatever the reason may be,it needs your immediate attention.

You have to remember that a bank bases its conclusions on whether to lend or reject your loan application on your credit information. A good report and you will have the cash for whatever you need. A bad one and you are not only negotiating to get the loan, your fighting to get a reasonable rate of interest. Worst of all with a bad credit report you are flat out rejected and away you go only to get rejected by others.

Suppose you know nothing about your own financial background and you are asking for a loan. For all you know you could possibly have bad credit, but you can count on the loans officer knowing it for sure. Who's in the driver's seat when it comes to negotiating the loan or a reasonable interest rate? Not you that's for sure. Put yourself in their shoes and you can see what the bank is thinking "Bad financial history equals a high risk loan". Your negotiating power and relationship are going south and that is something you don't want especially in your time of need.

The best solution is to know your background before you ask for a loan. Get your credit report so you know where you stand!

-Are there any errors? FIX them

-Do you have bad credit due to unpaid debts? PAY them.

Honesty is generally the best policy when dealing with the bank and acknowledging the problems whether it is an error or bad rating you can assure the bank that you are aware of it and it is being addressed and corrected as you speak. In that light you continue a positive relationship with your institution and your chances of getting the loan will increase.

It is important to know your financial background.

Chris Rodriguez is the author and webmaster for http://www.online-finances.com We offer pertinent financial information on home loans, car loans, student loans, debt consolidation, and other finance related topics. If you are looking for a loan, but are worried about your bad credit, we can help! Visit us at http://www.online-finances.com

In The News:

Top Stories - Google News
Updated : Fri, 12 Mar 2010 01:24:40 GMT+00:00

Health Care and Student Loan Programs Collide - New York Times

Health Care and Student Loan Programs Collide
New York Times
WASHINGTON — The chairmen of the Senate and House education committees said on Thursday that they would fight to attach President Obama's proposed overhaul of student lending programs to the budget reconciliation package, ...
Senate Health Bill Would Up Costs for Millions in Middle Class, Analysis FindsFOXNews
Student loan overhaul seems likely to join Senate health-care billWashington Post
Dems Dealt Blow on Health Care ReconciliationCBS News
Wall Street Journal -Reuters -The Associated Press
all 3,413 news articles »

Publ.Date : Thu, 11 Mar 2010 21:55:03 GMT+00:00

Israel believes East Jerusalem row won't stop Mideast talks - Ha'aretz

Times Online

Israel believes East Jerusalem row won't stop Mideast talks
Ha'aretz
Prime Minister Benjamin Netanyahu believes that despite the crisis with the United States over the plan for new housing in East Jerusalem and the protests by the Palestinian Authority and Arab world, indirect talks with the PA will continue as planned ...
Israel relieved after Biden speechJerusalem Post
US says no indication of Palestinians quitting peace talksXinhua
Despite Biden's plea, outlook shaky for Mideast peace talksMiamiHerald.com
Reuters -FOXNews -Ynetnews
all 1,286 news articles »

Publ.Date : Fri, 12 Mar 2010 00:41:21 GMT+00:00

NY AG Cuomo removes himself from governor probe - Reuters

Reuters

NY AG Cuomo removes himself from governor probe
Reuters
NEW YORK, March 11 (Reuters) - New York Attorney General Andrew Cuomo, a likely candidate for governor this year, on Thursday removed himself from ethics probes of embattled Governor David Paterson, saying he wanted ...
Cuomo Will Recuse Himself From Paterson InvestigationsNew York Times
Cuomo recuses himself from Paterson probesBuffalo News
Cuomo hands over gov probe to former judgeamNY
WNYC -WXXI -UPI.com
all 302 news articles »

Publ.Date : Fri, 12 Mar 2010 00:08:22 GMT+00:00

Obama gives away $1.4M Nobel prize - The Associated Press

Daily Mail

Obama gives away $1.4M Nobel prize
The Associated Press
WASHINGTON — President Barack Obama plans to donate the $1.4 million from his Nobel Peace Prize to helping students, veterans' families and survivors of Haiti's earthquake, among others, drawing attention to organizations he said "do extraordinary work ...
Obama gives $1.4 million Nobel prize to 10 charitiesReuters
Obama gives Nobel prize money to charityABC Online
Obama donates Nobel Prize money to charityUPI.com
America's News Online -ArmyTimes.com -BBC News
all 565 news articles »

Publ.Date : Fri, 12 Mar 2010 00:27:49 GMT+00:00

Reid's wife seriously injured in 4-vehicle wreck - The Associated Press

Reuters

Reid's wife seriously injured in 4-vehicle wreck
The Associated Press
WASHINGTON — Officials say the wife of Senate Majority Leader Harry Reid is in serious condition after a truck slammed into the back of the vehicle she and her daughter were riding on Interstate 95. A spokesman for the senator says 69-year-old Landra ...
Sen. Reid's family injured in car accidentReuters
Harry Reid's wife, daughter hospitalized after car wreckLas Vegas Sun
Senator Reid's wife suffers broken back in accident7Online.com
BusinessWeek -New York Times (blog) -Washington Post (blog)
all 366 news articles »

Publ.Date : Fri, 12 Mar 2010 01:03:39 GMT+00:00

Cost of F-35 Has Risen 60% to 90%, Military Says - New York Times

ABC Online

Cost of F-35 Has Risen 60% to 90%, Military Says
New York Times
The projected cost of Lockheed Martin's new Joint Strike Fighter has increased 60 to 90 percent in real terms since 2001, blowing well past a level requiring the program to be revamped, Pentagon officials said Thursday. ...
Price of Lockheed's F-35 fighter soarsReuters
Pentagon: F-35 fighter jet cost doublesThe Associated Press
GAO analyst critical of Joint Strike Fighter program's cost overruns, delaysWashington Post
GovExec.com -ABC News (blog) -Pensacola News Journal
all 135 news articles »

Publ.Date : Fri, 12 Mar 2010 00:44:48 GMT+00:00

Strong quakes torment Chile as president sworn in - The Associated Press

CBC.ca

Strong quakes torment Chile as president sworn in
The Associated Press
SANTIAGO, Chile — The earth shook and shook Thursday as dignitaries walked in for the swearing-in of Sebastian Pinera as Chile's president. It shook some more as they waited for him. People in the balconies of the vast congressional hall in coastal ...
Chile appoints new emergency agency chiefXinhua
Chile lifts tsunami alert on coast after tremorsReuters
Strong aftershocks mark Sebastián Piñera's first moments in officeTimes Online
The Guardian -AFP -Wall Street Journal
all 1,681 news articles »

Publ.Date : Thu, 11 Mar 2010 23:54:03 GMT+00:00

RSS feeds
Increase Online Traffic