Understanding your Annual Credit Report

Understanding your Annual Credit Report

Your credit file is a combined record of all of your credit agreements, including credit limits, balances and payment history. Federal law states that you have the right to receive a free credit report from each of the three credit reporting agencies (Equifax, Experian and TransUnion) once every 12 months. Are you taking advantage of your annual credit report? The following article explains why you should be and whether you need a credit repair service to help you get a better credit score.

Why you Really Should be Checking your Annual Credit Report?

The old adage that says, ‘what you don’t see can’t hurt you,’ definitely does not apply to your annual credit report. In extreme cases, this important document can provide the first evidence of identity theft, so if you spot suspicious activity or notice unfamiliar accounts on your file you need to act swiftly.

For most people, it’s not identity theft but errors and poor credit habits that cause a problem. And if you don’t check your annual credit report, how are you going to spot problems early and address them? It is particularly important to check your report if you are going to need to access credit in the near future. For example, if you are looking to finance a new home yet, unbeknown to you, a previous creditor has blackened your name with a credit agency, you could be denied a mortgage and lose the home to someone else before you sort out the mess.

Even if you have a generally ‘OK’ credit score, going through your annual credit score with a fine-tooth comb can help you to get a better credit score and secure more favorable terms the next time you access credit (e.g. Lower interest rates or a longer term).

Hopefully you’ve convinced yourself that you should be reading your annual report, but do you actually understand it and know what to do to achieve a better credit score? Do you have the time to go through the details meticulously. If not, a credit repair service such as that offered by Speed Fund LLC (via Better Qualified) could be beneficial for you.

Should you Get the Experts In?

It is perfectly possible for any one of us to attempt to manage our own credit report via our home PC, but that is not much benefit if you don’t know what you’re looking for or lack the time or composure to tackle any problems you might come across. Providing you choose wisely, a credit repair service can be a worthy investment. Armed with insider knowledge, diligent credit experts can identify problems early, tackle errors and omissions directly with the reporting agencies and provide sound advice on achieving a better credit score (or scores, since each agency compiles a separate file).

The credit agencies will often dissuade people from handing over responsibility for their file to a credit repair service because there are companies who will charge huge amounts for a small gain or advocate illegal methods (e.g. creating a new identity). But there are also some excellent services out there that have a proven record in achieving a better credit score for their customers.

Better Qualified and Speed Fund LLC

Speed Fund LLC work with credit repair service Better Qualified, one of the leading names in the credit repair industry. Better Qualified promise their clients a dedicated representative whose job is purely to help you to understand your annual credit report and work towards a better credit score. Better Qualified have had over seven years in the industry, hold an A+ rating with the Better Business Bureau (BBB) and attract excellent reviews on Google.

Whether you do decide to use a credit repair service or prefer to deal with the agencies yourself, the importance of understanding your free annual credit report should not be underestimated.

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