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Shahla
Money Managing Guru
Joined: 13 Nov 2004
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 Posted: Thu May 31, 2007 12:07 am Post subject: Credit Repair: Your Credit Report and Your Life |
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By : Jim Kemish
More Than Meets the Eye
Unless you are independently wealthy and pay for everything with cash the content of your credit report has a profound effect on every single moment of your life. Think about it. How many things in your immediate personal environment have been determined by your credit report? The impact may be greater than you are aware.
The Ripple Effect
Do you have a mortgage? If so, your monthly payment was determined by your credit score. The amount of money that you part with each month to pay for your home may be the biggest single financial obligation that you have, and its impact ripples through everything else in your financial life. Every dollar that you spend on your mortgage is one less dollar that you have available for the other expenses in your life.
Every Financial Decision is Effected
A larger mortgage payment may very well shape every single financial decision that you make. When you make decisions about your children’s school, your vacation options, that large screen television that you want, and even dining out, your choices are dictated by the money available after paying large bills like your mortgage.
Little Things Add Up
And as obvious an impact as your mortgage payment has on your life you should not overlook the myriad other items that are determined by your credit scores. Your automobile loan payment, like your mortgage payment, ripples through your lifestyle by limiting other purchase choices that you make. Credit cards, personal loans, debt consolidation loans, home equity loans; all count.
Tough Choices
In a perfect world every consumer would understand the relationship between the purchase decision that is right in front of them and the inevitable impact that it will have on every future decision that they make. In the credit repair business we see cases everyday where good judgment was absent at the exact moment that it was needed most.
Paying the Price
Have you every purchased a new car? Did you find yourself checking out the higher end models on the floor? Many people simply forget their budget and buy the car of their dreams. Nothing wrong with that! But when vacation time comes and that trip to Mexico is no longer possible, the relationship between that automobile and everything else in life becomes all too tangible.
Credit Repair
Given the major impact that your credit report can have on your life, from the smallest credit card to your mortgage, you should not take the content of your credit report for granted. Credit repair can pay tremendous dividends. Did you know that over seventy percent of all credit reports have errors? Did you know that even the neutral information on your credit report can play a major roll in your credit score?
A Thorough Checkup
When you examine your credit report, if you are like most consumers, you scan it quickly to see if there are any late payments that have been reported. You probably look for the obvious derogatory information on the report. In the credit repair business we discover an amazing number of harmless looking errors, such as account opening dates, high credit limits, current balances, and duplicate accounts. You might think that these items can not have much of an impact. This is not so; we regularly see credit score improvements of up to one hundred points simply by correcting things that the customer never thought to look for.
Your Credit, Your Life
Nothing can have as much of an impact on the quality of your life as your credit. You owe it to yourself to take a good look at your credit report. Don’t neglect anything. The Fair and Accurate Credit Reporting Act, in response to the tremendous number of errors that continue to impact consumer’s financial life, forced the three credit bureaus to provide a copy of your credit report once a year for free. Take advantage of this. If you feel daunted by the task, hire a reputable credit repair company to do it for you. You work hard for your money. Make sure that your credit works just as hard for you.
Copyright © 2007 James W. Kemish. All Content. All Rights Reserved.
Jim Kemish is the president and founder of Power Mortgage, a Florida mortgage company based in Delray Beach, Florida. Power Mortgage Corp was established in 1989 and serves the states of Florida, Georgia, Massachusetts, and Virginia. Jim is also the President of Sky Blue Credit, a national credit repair business.
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