What you should know about your credit score

How is your credit?

 This is a question that many consumers do not pay much attention to until they want to purchase an expensive  item. All they know is that they have a credit card and once a month, the bill comes and they pay a portion of it. They are not aware of loan to value of a credit card.

I would suggest that you take time out to see what your credit score is. As a consumer you should also know how to read your credit report. If you find discrepancies in the report you should be aware of your right to challenge any incorrect reporting.

You must be wondering where can you get a copy of  your credit report, actually you are entitled to a free credit report from the credit reporting bureau once every twelve months as per the federal trade commission.

There are two types of credit reports one is considered a hard inquiry and the other is considered a soft inquiry.

The hard inquiry is when a company or someone other than yourself asks to see what your credit score is for the intention of lending or extending credit to you. The number of request within a given period can affect your score. This request may stay on your credit report for up two years. This is why it is very important to know who is inquiring about your credit.

The soft inquiry is when you, yourself ask for the copy of your report to review what is on it. Be aware that you have the right to ask for a credit report at any time, when  someone denies you credit at no charge to you or once every twelve months for free

Here is a video to explain how credit  works, how it is calculated and how to fix it.


Advertisements

Published by

David Rivera

NYS Licensed Real Estate Associate Broker at NEUHAUS REALTY INC. Richmond ROAD , Staten Island, NY 10306 I am a Certified Short Sale Agent and e-Pro certified Equator Elite Agent.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s