Credit report is a very important thing and your credit history can make a big difference into your life. You may have the necessary monthly income for a good lifestyle. But if your credit rating is bad you may be denied the credit card of your choice. The reason is simple. They look at your credit report generated by three bureaus, Experian, TransUnion and Equifax. You may have sufficient funding to pay off your monthly mortgage payments for your house but if your credit score is low you wouldn’t be eligible to procure the house loan that will help you buy your house. There is so much that revolves around a credit score that you need to be very careful and conscious when you have the monthly bill payments due or when your are on the verge of a loan default or when you are skipping outstanding bill payments and giving greater priority to buying more stuff than clearing past dues.
Now you can avail your own free credit report on www.FreeCreditReport.com that will give you a greater insight into what is happening to your credit score. This will also give you a 7 day trial period to observe closely the way credit reports change depending on your payments or skipping of payments. Getting the credit reports from all 3 bureaus will also give you a more consistent report as you are not sure which bureau will be requested for a report by the next credit card company or bank you apply to for credit or loan. Looking at the credit report itself will give you a lot of insight on where you have gone wrong and what you should have done better. If you have an outstanding bill, the best option is to pay it off before you think of reusing your card. Otherwise the interest simply keeps accumulating and it becomes even more difficult later.
Missing monthly payments consistently significantly lowers your credit limit just like paying them consistently raises it. You will also get a free Identity theft insurance at the site for as much as 50,000 dollars which is a great feature given the constant danger posed to our identity by cyber thieves. The constant monitoring of your credit report will also provide you the additional feature of receiving alerts and notifications whenever your credit rating or history is changing because of new transactions or when someone is requesting for your credit report. These alert notifications will also let you keep a tab of when your credit reports are being touched. This will also provide protection against fraudulent transactions. Many a times, if you do not check your credit reports, it might happen that fraudulent transactions which you were never involved in, have been reported on your bills thus lowering your credit score unnecessarily. In such cases, you will have to report these transactions and get them cleared, because every single point on the credit score can make a huge difference and save you lot of money.