Your credit report is a very important part of your financial future. Many people don't realize just how important a credit report is, but the fact is, your credit report can be one of your most valuable financial assets. Here's why: The information in your credit report determines your credit score, and a good credit score can be worth many thousands, or much more over your lifetime.
Many people think, "so my credit score isn't the best, even if my interest rate on my home loan is a little on the high side, how much difference does that really make?" Here's how much difference a good credit report and a good credit score can make: Over the life of a 30 year home loan of approximately $225,000. a positive credit rating could help you obtain an interest rate of about 6.46%, and a monthly payment of $1,417. A lower credit rating could result in a home loan interest rate of 8.45% and a monthly payment of $1,722. In this example a higher credit score would've saved you more than $100,000 over the life of the 30 year loan. As much as that savings is, that's just the tip of the iceberg of how much a good credit report can save you.
The bottom line: Credit reports and credit scores are serious business and there is no reason you should pay higher interest rates due to higher credit scores, when a little due diligence and discipline can help you qualify for the lowest rates available.
The money you save through lower interest rates will be much better spent on saving money on your children's education, saving money for your retirement, or any other a number of good uses you may have for your hard-earned money. Checking your credit report can also help you detect identity theft, the fastest growing crime in America.
Get the credit you deserve: Check your credit report to make sure it is accurate. If you discover info you believe to be incorrect, you can contact the credit bureaus directly online to file an online dispute form.
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