Summary: Start Checking Your Credit Report And Score Once In A While. What You Might Not Know About Your Account Could Cost You More Than You Hoped For.With The Recent Surge Of Credit Cards In The 80's, Credit Companies Became The Most Successful Financial Sector In The United States, No Doubt About It. Every Year, With Their Revenues Exceeding Billions Credit Card Companies Is A Thriving Business Indeed. But What We Don't Know About Credit Is Usually Those Written In Fine Print. Conformity Is One Thing And Ignorance Is Another. If You Pay Regularly The Monthly Dues What You Might Not Know Is Some Intended Mistake That Could Cost You A Lot. You Should Start Checking Your Credit Report And Score Once In A While. Read On And Learn All You Need To Know About Credit Report And Score.Before, Credit Report Used To Be Inaccessible To The Public. Denoted Mostly With Abbreviations And 'irrelevant' Data, Most Consumers Will Only See Crap If They Ever Get A Glimpse Of These Credit Files. So Credit Reports Were Kept From The Public Though They Are Still Available For A Sum.It Was Sometime After When Recent Occurrences Like Individuals Hopelessly Broke Due To Credit Mismanagement (and Even Credit Debt Related Suicides) That The Government Decided To Step In. With The 2003 FCRA Act, All Credit Bureaus Are Now Required To Release A Free Credit Report Annually. With This Act In Place And Recent Rampant Activity Of Fraud In Credit, It Is Recommended That Habitual Checking The Credit Report Should Be Made.So What Are The Differences Of Both? A Credit Report Is Detailed Information Of All Your Credit Activities. It Includes Every Relevant Data: Date Of The Activity, Nature Of The Account, Status Of The Credit And Even Your Contact Information. Credit Reports Are The Key To Your Actual Credit Score. So That In Turn Would Define Credit Score As The Average Total Of The Scores Noted In Your Credit Report. The Credit Score Would Also Include The Reasons Why Score Is Lower Than It Should Be. The Credit Score Formula Is Always A Proprietary Information Of The Company That Formulated Them. (examples: FICO, Equifax..etc.)Previously, A Good Number Of Documents Are Needed To Win A Credit Line; Detailed Documents As To How You Should Pay And Your Monthly Income. Now When Applying For A Credit Account, Your Credit Report History Are Computed Faster Than You Can Take Time To Think Of And Viola, Your Credit Score. Today, Lending And Plan Specialists Do Not Need To Do More Casing Than What's Necessary Thanks To The Credit Report And Score. Ultimately, Every Negotiation You Make Every Loan You Apply Would Be Factorized Largely On Your Credit Report And Score.Perhaps This Should Be The Best Incentive For You To Take The Habit Of Credit Report And Score Checking. Being Aware Should Give You An Idea On The Nature Of A Deal You Should Be Expecting And The Interest Rate. Checking Credit Report And Scores Once In A While Regardless Of Need Is Optimal Too. And It Can Save You From Several Ugly Cases, Like Identity Theft Which Became Rampant When Personal Data And Banking Information Are Readily Available Once You Crack Certain Codes. Identity Theft Occurs When One Uses Your Personal Data To Collect Information Or Commit Thievery Such As Making Loans And Credit Access On Your Behalf. While There's No Real Safeguard Against This (most Banking Institutions Do Pay For Security Services Against Fraud And Theft), Checking Credit Report And Scores Once In A While Is Really A Good Counter To Misfortunes Such As This.
