Credit Scores That Hurt

Is your credit score being held against you?

More and more the staples of life depend on your credit score. Your mortgage, insurance premiums, employment opportunities and even your landlord may be using your credit score to determine your financial future.

In some cases even the utility companies are basing the size of your deposit on your credit score. Landlords are determining your reliability as a tenant. Insurance companies are setting the size of your premiums based on your credit score. Many more employers are also using your score to determine your reliability.

According to a 2004 survey by the U.S. Public Interest Research Group, 25% of credit reports which list your credit and borrowing activities, had errors serious enough to to cause a consumer to be turned down for a loan or job.

To counteract the erronius information on your credit score you should review your FICO scores at least once a year, or several months before applying for a loan. Check for negative info, errors or any suspicious activity that may suggest identity theft. The best place to check is myfico.com. The three major credit bureaus will also sell you your credit reports, but they're not as reliable because none of them provide your FICO scores with your credit report.

The best strategy to stay on top of your credit information is to pay the extra money to get your FICO scores. Also apply for your free credit report from one of the three credit bureaus every few months. Moniter any new activity.

Cornelius P Crumpacker
101 ways to improve your credit score
http://www.usacreditinfo.com