Financial uncertainties can have an adverse effect on the life of an individual. It is therefore extremely important to have enough options of alternative finances that can support the individual in these troubled times. One of the major troubles that the individual in a financial crisis can face is the quality of his/her credit score. Any financial help by the credit agencies can be obtained by having a high quality score of credit. It is therefore very essential to keep a check on the scores to have a strong financial health. The records of credit transactions of each and every citizen are maintained by the three governments recognised credit agencies namely the Equifax, Experian and Transunion. The 3 Credit Scores offered by these agencies determine the ability of the individual to get any financial help of credit during the necessities.
The scored of credit maintained and recorded by these independent and unique agencies help the insurance companies, lenders, creditors and employers in assessing the financial health and past payment history of the individual. If an individual has a poor credit score, getting a job, loan/financial help, health and general insurance can be extremely difficult. It is very essential to keep a track of the credit history and ensure having a high score. The score of credit can get adversely impacted on account of late payments, consolidations of accounts, missed payments, charge offs and identity fraud. The free govt credit report can be easily manipulated leading to bad scores with simple information’s of identity like the social security number, address etc. It is therefore becomes extremely important to keep a track of the entries done in the report as maintained, marketed and sold by the recognized credit bureaus.
Each and every citizen can get access to the free annual copy of the credit report provided by the three agencies to maintain and monitor the entries. This will allow the individual to cross verify the entries to identify the misappropriations if any to report the same to the agencies. By correcting the inappropriate entries, one can improve the credit score leading to enhanced strength in accessing credit. One can avoid wrong entries in the report, identify theft, misreporting by creditors and other mistakes that affect the score. With the facility of requesting the annual report through an online platform, the process of monitoring the score has become extremely easy and effective. One can get the annual report for free through the AnnualCreditReports.com website. The 3 Credit Scores maintained by the entire three top and recognized credit agencies are pulled out, analyzed and consolidated for easy referral by the citizens.
There are many benefits of knowing and improving the 3 credit scores such as detection of frauds and misappropriations, improving the chances to get access to easy loans, enhanced credit limits and reduced credit card charges, low premium insurance etc., It is very important to understand and implement the different solutions of improving the 3 credit scores. Some of the easy methods are the timely payment of dues, bills and installments, use secured credit cards, keeping low balances in the revolving accounts and credit cards etc., By keeping a close watch on the credit reports issued by the agencies can help the individual in staying top of finances and avoid difficult financial situations.