One of the better things about our financial system is – you always know where you are at. If you are considering investing in a new business or if you want to remodel your house, you need a loan. And to get a loan, and get in under good terms, you need to have a good credit score. And you can easily get a credit report from all three major credit bureaus and see where you are at.
Knowing your credit score helps you negotiate from a better position. Besides giving you leverage, it also helps you improve your credit score if it is a bit lower than you would like it to be. When you know what’s wrong, you can work on it and fix it. Without actually knowing where you are at, you can’t make the right moves. And credit reports show all your card accounts and loan accounts with all the balances and payments you’ve made, your limits, bankruptcies, etc.
Each of these changes your credit report and the three credit bureaus constantly receive information about your transactions. Therefore, you can learn about your credit standings at any time. The problem is, you are allowed only one credit report per year. If you would like to get more insight into your credit score, you will have to pay for it. I know, this sounds bad because these are your accounts and your personal information after all, but this is how things are right now.
Fortunately, there are some services that provide you with free credit reports from all 3 bureaus. It’s an opportunity anyone who is looking to get a loan has to use. Even if you are only looking to improve your score or protect your identity from theft, this is a great option. By constantly being aware of where you are at, financially, you can make smarter decisions and plan your future better.