Manisha Thakor's On My Own Two Feet

Bad credit reports can affect ones’ life in several negative ways. With a bad credit report and a low credit score, it is harder to receive a credit card, an automobile loan, a mortgage, or possibly a job. It is important that one is always aware of the credit decisions made. Paying bills late, maxing out credit cards, and filling out too many credit applications in a brief period will also have a negative impact on the credit report. To keep a good credit report, one should pay bills on time and apply for credit sparingly. Last, but certainly not least, one should check their credit report annually! A free credit report is available from each of the three credit reporting agencies each year. This is something one should take advantage of since it will help them judge whether they are managing their credit wisely. It is imperative that one keeps a good credit score. If not, one could miss out on many opportunities. For example, one may find an opening for their dream job that they are qualified for, but the negative credit report causes them to not get the job. Do not let this happen! Maintain a good credit report and opportunities like this will not pass by!

Many businesses are requesting credit report authorizations from their applicants as part of their screening process for employment. According to the Federal Fair Credit Reporting Act (FCRA), the applicant must give the employer authorization in order for the employer to receive a copy of the credit report. (Rosen, 2000). Credit reports are requested by some companies to review and verify information regarding the applicant such as one’s identity, the amount of debt and also to help them to determine if one is qualified for the job. In addition the credit report contains a variety of personal information for example one’s first and last name, the social security number, current and

How to improve your bad credit over time, is by pulling your credit report. You can gain the knowledge needed to fix your problems. “Credit reports are available through one of the three major U.S. credit bureaus: Experian, Equifax and TransUnion. Because of a change of law in 2005, each of the credit bureaus must provide you with a free credit report once a year, through www.annualcreditreport.com (Woolsey, B., 2016).

You can't make your debt disappear overnight, but you can make sure you pay your bills on time. There are several components that go into your FICO score, and the most important if those is your payment history. Your payment history accounts for 35 percent of your score, which makes it the largest single part of your score. It even counts more than how much debt you owe, which accounts for 30 percent of your score. A solid payment history won't make lenders fall instantly in love with you, but a history of late payments will convince them to avoid

Making mistakes when it comes to your credit is a lesson that many people learn the hard way. Constant phone calls, mail, and threats can make a tough financial situation worse. Either how well or how poorly you manage your debts and finances are available to creditors to see when you apply for credit, such as for a retail store card, or even an auto or home

1. If you find errors on your credit report, what steps would you take to correct them?

discount on a purchase is a nice touch as well. I'm wondering how many closed their credit card accounts when

1. If you find errors on your credit report, what steps would you take to correct them?

I think as a patient, or consumer in general, it is extremely important to monitor your credit history. There are ways to do a report, for no charge, to check your credit history on the 3 different credit reporting agencies. You also need to review your monthly credit card statements to make sure that what you purchase, is what you pay for.

1. If you find errors on your credit report, what steps would you take to correct them?

There's no time like the present to start building up your credit rating, especially if you're recovering from a bad few years.

Before attempting to fix anything information such as your social security, date of birth, and full name is accurate. By law, consumers are able to receive one free copy of their credit report each year. The report will display all credit accounts and any late or missed payments made to each account. Any error on payments made, old accounts, or unrecognizable accounts should be notified to one of the three agencies like Experian, Equifax, or TransUnion. All errors must be corrected and investigated by the agencies. Errors on reports like a misspelled name may not be the cause of the bad credit.

If I have a credit score of 350, how will you improve it to 800?

While taking the personal finance course this past spring, I learned many valuable lessons that will greatly assist me throughout my life. One lesson I learned is the importance of paying yourself first. To put this into action, I will save money in an emergency fund to have enough money to live comfortably for 3 to 6 months, in case of emergency. Furthermore, this course has taught me the importance of budgeting. Using budgeting, I will make a plan for my money, so I can avoid over drafting and bouncing checks. Another lesson personal finance taught me is to pay all bills and loans on time to develop a good FICO credit score, which is what companies use to evaluate the risk of loaning to an individual. Knowing this information will help me

B. Closing Device: So, the next time you use your credit card or atm card be a little more careful and make