Over the years, as a credit expert and an owner of a credit repair company, I’ve founds two things to be true. Most consumers fear checking their credit reports, and the falsely believe the damage by late payments, or a couple of collections, are no big deal. If this is you, this info-graphic may have you looking at damaged credit in a different light.
First of all, it is extremely important to periodically review your credit report every year. Not knowing what is there will only come back to bite you when you need credit. Prior to applying for any major credit you need to review your credit 2 to 3 months in advance so you have time to correct mistakes, and have the credit reports updated. Most people don’t realize that in addition to inaccurate entries or mistakes reporting on you credit, it is all too easy for someone else’s information to creep into your reports. Then there is the possibility of Identity Theft by someone using your credit or applying for credit in your name without your knowledge.
The info-graphic show the huge cost of having poor credit compared to someone with great credit. Consumers are shocked when I tell them their first missed payment can cost the up to 110 points dropping from their credit scores. Just maximizing out 5 or 6 credit cards can cost you up to 100 to 125 points with nothing negative being reported on the credit report. The resulting higher interest rates drain money from your pockets, your family, and your retirement.
You need to monitor and protect your credit - it's all up to you.
At Credit Scoring Advisor we are the experts, specializing in Rapid Credit Repair for our clients. Our founder, Daniel Sater is a Nationally Recognized Credit Expert. In addition, Dan trains and Coaches numerous Credit Repair Companies across the country, he is a Speaker, Author and Certified C.E. Instructor for the Real Estate Industry for their continuing education credit. Mr. Sater is the Chairman of the Education Committee for NACSO – the trade association for the Credit Repair Industry. His last book, "The Top20 Toxic Credit Mistakes" is available on the Credit Scoring Advisor website and Amazon Kindle. He can be reached at 631-392-8685 or by e-mail at dan@CreditScoringAdvisor.com.
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