Did you know that the credit reporting industry is a multi-billion dollar a year industry? The credit bureaus are for profit companies that generate billions of dollars in revenue each year by selling copies of credit reports to creditors.
Your credit report affects many areas of your life. Your credit report is used by lenders and creditors and additionally by insurance companies for auto, life and home insurance, some employers use it and don’t forget if you are going to college, those educational institutions and education lenders will be making decisions based on your credit worthiness. Your credit will affect the interest rates you will be paying on everything you finance. If your credit is not in the best shape, you will be paying many thousands to tens of thousands of dollars more in loan interest over the life of your loans.
Your credit reports have a great deal of power over your financial and personal life. Do not fall into the trap of thinking you do not have any power over your credit report. Hold the credit bureaus responsible for the information they report. Ensure that all the information on your credit report is accurate, verifiable and 100% true and correct. If the information is inaccurate, unverifiable or contains mistakes the bureaus must correct it or remove it from your credit reports.
Take the first step to improve your credit today. It’s never too late to improve your credit and your financial freedom.