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CHAPTER VII -- REALITY CHECK

LESSON 12: CHECKING YOUR CREDIT & CREDIT SCORES

Once you've figured out where you might want to get a loan, you'll want to check your credit history. Lenders take a close look at both credit reports and credit scores when evaluating borrowers. Depending on what they find, they may not be willing to take on the risk of lending you money. By checking your credit history before calling a broker or logging onto a lender's Web site, you can see if it contains any mistakes and correct them. That will keep your credit score from being artificially low. See Tip 1

In case you aren't familiar with credit reports, they are computerized records of the loans, credit cards, mortgages, bankruptcy filings and other financial things lurking in your past. If you missed a mortgage payment by 35 days two years ago, for example, lenders will see that in your credit report. See Tip 2

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WarningAs many as 80 percent of all credit reports have some kind of misinformation. Pull your credit report from all three agencies. The information is not necessarily the same on all of them.

Cost

Your credit report can cost up to $8.50, but it can be free in some cases.

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TABLE OF CONTENTS

CHAPTER I
  Lesson 1
  Quiz

CHAPTER II
  Lesson 2
  Quiz

CHAPTER III
  Lesson 3
  Lesson 4
  Lesson 5
  Quiz

CHAPTER IV
  Lesson 6
  Lesson 7
  Quiz

CHAPTER V
  Lesson 8
  Lesson 9
  Quiz

CHAPTER VI
  Lesson 10
  Lesson 11
  Quiz

CHAPTER VII
  Lesson 12
  Lesson 13
  Lesson 14
  Quiz

CHAPTER VIII
  Lesson 15
  Lesson 16
  Lesson 17
  Lesson 18
  Quiz

CHAPTER IX
  Lesson 19
  Quiz

CHAPTER X
  Lesson 20
  Quiz

CHAPTER XI
  Lesson 21
  Quiz

CHAPTER XII
  Lesson 22
  Lesson 23
  Lesson 24
  Quiz

CHAPTER XIII
  Lesson 25
  Lesson 26
  Lesson 27
  Quiz

CHAPTER XIV
  Lesson 28
  Lesson 29
  Lesson 30
  Quiz

Definitions





RELATED STORIES

How to read and understand your credit report

How to clean up your credit report

Credit scores explained

The all-important number that decides your credit worthiness is no longer a secret

Credit scores: high risk vs. low risk characteristics

 
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