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| Jun 10, 2015
Imagine there was a way you could review all of the financial decisions you’ve made to date – the good, the bad and the ugly. Would it change the way you handle your personal finances?
The fact is, if you have ever applied for a credit card, used store credit or owned a mobile plan, your financial comings and goings are already being tracked and monitored.
This information is all contained in your credit report, a file that may say more about you than you realise.
To put it simply, a credit report is a catalogue of your credit history. It reveals who you are as a borrower and is the calling card for banks and credit providers when it comes to determining whether you’re a sound or risky investment. How do you score? Visit SocietyOne now to receive your free credit score.
Why should I care about my credit report?
A credit report is a catalogue of your credit history that reveals who you are as a borrower.
How many times have you entered a kitchen to see the phone bill, internet bill and car repayments placed strategically on the fridge door?
It's the perfect way to keep these bills front of mind, however, let them slip 60 days or more and it will start to cost you.
When viewed individually these mishaps are simply blemishes on a page but collectively they can paint a picture of you as a potential borrower.
Remember, your credit report will ultimately be used by a credit provider to determine your creditworthiness. So, the more blemishes you have on your report card, the lower your credit score will be. And having a low credit score could result in you paying a higher interest on a loan or being denied credit altogether. How can I improve my credit score?
Seeing your credit score for the first time may come as a shock. But with a few simple financial adjustments, there are ways to improve your credit score and take a step towards creating a squeaky-clean credit report. Here's how:
- Avoid letting your bills slip past the due date. While it may not seem like much, paying your bills each and every month one time can go a long way in improving your credit score.
- Avoid making multiple applications for credit in a short period of time. If you find yourself juggling multiple credit cards, constantly applying for store credit or switching payment plans, often this is likely to explain why your credit score is average at best.
- Pay down your debt. When used properly, credit cards can be an effective money management tool. But if you find yourself struggling under the weight of excessive debt it may be worth considering a debt consolidation strategy.
Personal loans tend to carry a much lower interest rate than credit cards and are often used as an effective debt consolidation tool. Having all your debt in one location will also make it far easier to manage your repayment schedule and monitor the principal and interest of your loan.
To find out your credit score with no strings attached, visit SocietyOne, its fast, absolutely free and the first step to getting control of your financial information.
Matthew Sullivan is the Digital Content Producer / Copywriter for SocietyOne.