Records of all the financial transactions you make—from retail purchases to home equity loans—are fed to credit bureaus, which digest the data and issue a credit report. The report grades your credit worthiness and is available to anyone with whom you wish to do business. Based on your rating, creditors will decide not only whether to grant you a loan or card but also what interest rate to charge you. The lower your rating, the higher your interest rate.
You’re legally entitled to review your report, and you should do so. Errors are frequently made and should be corrected. To order a copy of your report, contact any or all of these major credit bureaus:
Trans Union 1-800-888-4213 www.transunion.com
Experian 1-888-397-3742 www.experian.com
Equifax 1-800-685-1111 www.equifax.com
If you’re a homeowner and your report is excellent, find out whether you’re receiving the best possible mortgage rate. Nationwide, homeowners spend $100 million more than necessary each year because they don’t know they qualify for lower interest.
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