Have You Checked Your Permanent Record Lately?

As a young student I feared getting bad grades because I didn't want any bad marks on my "permanent record." Get an "F" in fifth-grade science and it goes in your record. Act up in Mrs. Brown's class? Yep, it's in your record too. Get caught using a swear word and it's not only in your permanent record but it goes right at the top! When you go to a parochial school like I did, you come to believe that there really is some mysterious file that follows you for the rest of your life.

Want to know a secret? There really IS a permanent file that follows you through life, but it has nothing to do with grammar school grades or activities. The real "permanent record" you need to be concerned about as an adult is your credit record! You should check your credit record on a regular basis, especially if you are planning on making a major purchase such as a car or home.

Your credit report or credit profile is a record of your credit activities. It lists your credit card accounts and loans, your account balances, and whether or not you make your payments on time. Your credit report is used by potential lenders to evaluate your creditworthiness. Credit reports have also been used by insurance companies to determine what rates you will pay for your insurance policies.

Reviewing your credit report can help you avoid costly errors. In one recent study, more than 50% of the credit reports checked contained errors. Other studies have shown similar results with as high as a 70% error rate. The most common error occurs when the information of another person, with a similar name or account number, is recorded in your credit profile.

A more serious problem occurs when someone gains access to your personal information and commits identity theft. Identity theft has become the fastest growing crime in our nation. Identity theft complaints jumped 75% from last year according to a recent Federal Trade Commission report. The monetary loss from identity theft crimes skyrocketed to a combined $53 billion in 2002! Accounts that appear on your credit report that weren't opened by you could be a sign of identity theft.

For a thorough review of your credit profile, you need to check with all three major credit reporting agencies (CRA's) : Equifax, Experian, and TransUnion. Information can vary between the three CRA's and it's important to make sure each has accurate and up-to-date information regarding your credit history.

Once you have your credit report, start by checking the accuracy of your personal information: your name, your social security number, address(es), etc.

Next , examine the accounts listed in your credit history. This section lists your accounts with creditors and your payment history with them. It is important to read this entire section and make sure the information is complete and has been reported correctly. Report any errors immediately to the credit reporting agency for investigation and correction.

Finally, check the number and frequency of credit inquiries to your file. Make sure that all the inquiries were authorized by you. Potential creditors who see a high number of inquiries in a short period of time may consider you a high risk and deny you credit.

Make it a habit to check your credit report annually. Doing so can save you time, money and future credit problems down the line.

About The Author: James H. Dimmitt

© 2004, http://www.yourfreecreditreportnow.com

Get your FREE credit report online now and subscribe to our FREE weekly newsletter "TO YOUR CREDIT". jimdim815@aol.com

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Google News Updated : Sat, 11 Oct 2008 11:50:43 GMT Paulson Indicates Need to Purchase Bank Equity `Soon as We Can' - Bloomberg Ottawa Citizen Paulson Indicates Need to Purchase Bank Equity `Soon as We Can' Bloomberg - 7 hours ago By John Brinsley and Rebecca Christie Oct. 11 (Bloomberg) -- US Treasury Secretary Henry Paulson indicated that pumping government funds into banks is a priority and said financial markets will remain volatile. US to buy shares in struggling banks Los Angeles Times Obama welcomes Paulson plan to buy equity in firms Reuters MarketWatch - International Herald Tribune - Bizjournals.com - Washington Post all 2,114 news articles Publ.Date : Sat, 11 Oct 2008 04:21:05 GMT Thai protest leaders released on bail, vow new rallies - AFP GulfNews Thai protest leaders released on bail, vow new rallies AFP - 20 hours ago BANGKOK (AFP) - Leaders of Thai anti-government protests were granted bail Friday after surrendering to police and immediately vowed new rallies, raising fears of mounting turmoil days after deadly street clashes. Video: Raw Video: Tear Gas Fired at Thai Protestors AssociatedPress PAD leaders surrender to Thailand police United Press International The Associated Press - Washington Post - New York Times - International Herald Tribune all 2,495 news articles Publ.Date : Fri, 10 Oct 2008 15:31:03 GMT Stevens's Reputation 'Sterling,' Powell Says - Washington Post Washington Post Stevens's Reputation 'Sterling,' Powell Says Washington Post - 8 hours ago By Del Quentin Wilber Former secretary of state Colin L. Powell told jurors in the corruption trial of Sen. Ted Stevens yesterday that the powerful Alaska Republican had a "sterling" reputation among the nation's military and political leaders. Reporter's Notebook: Powell Takes the Stand for Stevens FOXNews Powell says Sen. Stevens' integrity "sterling" Reuters CNN - Kansas City infoZine - The Miami Herald - ABC News all 2,865 news articles Publ.Date : Sat, 11 Oct 2008 03:13:53 GMT Palin violated ethics law, inquiry concludes - International Herald Tribune Washington Post Palin violated ethics law, inquiry concludes International Herald Tribune - 1 hour ago By Serge F. Kovaleski NEW YORK: Sarah Palin, the Republican vice-presidential candidate, abused her powers as governor of Alaska by pressuring subordinates to try to get her former brother-in-law, a state trooper, fired, according to an investigation ... Palin ethics lapse cited Los Angeles Times Alaska probe finds Palin 'abused her power' Indian Express Baltimore Sun - Boston Globe - New York Times - Reuters all 4,043 news articles Publ.Date : Sat, 11 Oct 2008 09:58:28 GMT McCain calms supporters, urges respect for Obama - Los Angeles Times The Associated Press McCain calms supporters, urges respect for Obama Los Angeles Times - 2 hours ago 'NO MA'AM': Sen. John McCain takes a question from a supporter who called Democratic rival Barack Obama an Arab at a town hall meeting in Lakeville, Minn. McCain-Palin's hot rhetoric risks GOP backlash San Francisco Chronicle McCain Lauds and Attacks Obama in Same Day New York Times Boston Globe - Washington Post - Minneapolis Star Tribune - Reuters all 460 news articles Publ.Date : Sat, 11 Oct 2008 09:04:20 GMT Morgan Stanley, Goldman May Gain Investment From US Treasury - Bloomberg Wall Street Journal Blogs Morgan Stanley, Goldman May Gain Investment From US Treasury Bloomberg - 7 hours ago By Christine Harper Oct. 11 (Bloomberg) -- Morgan Stanley and Goldman Sachs Group Inc., the biggest independent US investment banks, may reap cash infusions as part of Treasury Secretary Henry Paulson's plan to buy stakes in financial institutions, ... As Stock Falls, Morgan Looks to Japanese Bank New York Times Morgan Stanley hangs on Mitsubishi's $9bn pledge guardian.co.uk Forbes - New York Post - New York Times Blogs - Barron's all 895 news articles Publ.Date : Sat, 11 Oct 2008 04:30:39 GMT Mugabe Hands Ministries to His Party - New York Times Voice of America Mugabe Hands Ministries to His Party New York Times - 52 minutes ago By CELIA DUGGER JOHANNESBURG - In a step likely to lead to the collapse of a painstakingly negotiated power-sharing deal, Zimbabwe's Robert Mugabe, in office for 28 years, has unilaterally declared that his party will retain the most powerful ... Mugabe 'gives Zanu-PF key posts' BBC News Zimbabwe's Mugabe hands key ministries to his party Reuters United Press International - AFP - Aljazeera.net - The Associated Press all 1,687 news articles Publ.Date : Sat, 11 Oct 2008 10:57:49 GMT RSS Software Website Traffic Promotion

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