October 2010 Tips of the Month
GOOD CREDIT, BAD CREDIT – BOY, IS THERE A DIFFERENCE!
Your credit history is like a photograph of your financial habits and discipline. If it is marred, you are likely to be denied credit, or you'll invariably have to incur higher costs to obtain credit. We at Abo and Company recall reading a prior analysis of the credit scores of more than 500,000 consumers and 1,700 credit reports maintained by the three major credit bureaus - Experian, Equifax and TransUnion - had revealed that 29% had differences of at least 50 points in the credit scores being reflected. Alas, with so much "data" floating around, one can hardly expect much different today. That's why it is important to guard your credit history carefully and to periodically determine that the information it contains is accurate.
- Be notified if a merchant reports missed payments to credit bureaus.
- Restrict how the credit bureaus share sensitive information with businesses.