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Thursday, February 4, 2010

Credit Report Manages My Money

I have a diary where i note down all the details regarding my financial curriculum, starting from earning, expenses, due or amounts to get from. However this method has helped me a lot all this years in managing my money correctly. Credit report too is of great important and moreover very useful in many ways. Credit score is nothing but a history or can say a detail of your credit, debt, loan and how you have made all your payments and also details about where you have applied for credit. In easy way we can say that it is a record about our credit.

Credit report is very useful in one way or the other. It has several merits. It always let you know how much payments are to be made and indirectly controls your expenditure. Moreover a credit report of an individual can help him if he wants to borrow money from somewhere. The lending authority will asked for his credit report and analyze his past credit dealing reports and will come to decision that whether he is worthy for the credit or a loan. Thus a healthy and proper credit report will definitely earn himself a good credit score. Thus credit report can matter to us a lot. If we have a good credit report it will help us in acquiring a credit but if we do have a bad one then it becomes difficult to get a credit or a loan.

However it is also learned that a well maintained and a close look at our credit report can protect us from identity theft. Identity theft can be very harmful to me and all of you too. It can drive in to our bank accounts, credit cards and moreover can open new loans and credit card in your name before we get to know about it. So we should always maintained our credit report properly and always need to have a close watch at them. It is the only proof, from which we can come out from this kind of difficulties and dangers.

Credit report not only manages our money or keep safe from identity theft but keeping a close track on it can help us in several reasons:

1.) Maintaining a credit report helps us to stay on current developments. A close look at it will notify us that whether we are following the right payment modes. It help in resolving any dispute which could lower your credit score and thus in future we undermine a better credit approval.

2.) It also helps us in correcting our mistakes. There can be mistakes but those can only be solved only if you have a proper credit report.

3.) It always has the record of our payments. So it gives a clear idea where we have paid our credits and where we need to.

Thus its good for our own benefit that we do maintain and follow a healthy and well maintained credit report. Its a reviewer of all our credit and loan payments.

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