Everyone is entitled to receive one free credit report  from each of the three major credit bureaus (Experian, Equifax, TransUnion) annually. This is according to the Fair Credit Reporting Act (FCRA), a provision by the federal government to give consumers the opportunity to check their personal credit for free.

At the start of 2012, it’s good to request for your free annual credit report to make sure that all the details in your file are accurate.  You should be aware that the FCRA gives you the right to dispute errors in your credit report.  Errors can be an incorrect detail in your personal information, unauthorized charges or incorrect charges in your accounts, or outdated remarks such as a record of charge off, foreclosure or bankruptcy that is older than seven years.
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Are you in the process of searching for employment or do you plan to look for a job at any time soon?  In order to avoid disappointments, it is very important to be prepared in all aspects of the job application process.

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Have you recently checked your credit report?  According to financial advisors, regular credit report monitoring is a crucial step in maintaining good credit.  Don’t wait until you suspect to have been a victim of fraud or Identity theft before checking your report.  Make it a goal to order a copy of your report at least once or twice a year.

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Are you aware of your personal credit standing? When was the last time you’ve seen your credit report? Why should you be concerned about your credit? In this article, let’s answer these questions one at a time.

Why Check Your Credit Report

Consumer credit reports are managed by the three major credit reporting agencies – TransUnion, Equifax, and Experian. These three bureaus gather information from banks, lending companies, credit card issuers, and other financial institutions. Each bureau make used of its own system to calculate credit scores.

When checking your report, it is advisable that you order a copy from all the three bureaus. Since you do know from which bureau a prospective creditor will inquire your report from, you’ll want to make sure that all three versions of your report are accurate.
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Upon checking your credit report, a creditor can approve or disapprove your application based upon your score. If you have a low score, you may find that it’s more difficult to get approved or to get a good deal.

Indeed, consumers need to keep their personal credit in good shape. More importantly, you need to be aware of the thing which can hurt your personal credit.

1. Late Payment Submission

The FICO score is made up of 35% payment history. That means even occasional late payments can have a huge effect in your credit rating. If you have bills to pay, don’t wait until your due date arrives before making payment. To be safe, pay your bills as early as you can.

2. Neglecting Debt

If you don’t have money to pay your debts, the worst thing you can do is ignore your creditors. Get in touch with your creditor and explain your situation. Request if your due date can be extended or try to negotiate for a new arrangement. Most creditors would be glad to help out a borrower in a crisis. The most important thing is to show your creditors that you are doing your best to keep up with your obligations and to avoid defaulting from your payments.
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