catastrophic language breeds catastrophic results.
That quote says a lot. The impact of words stream onto our credit reports and has catastrophic results.
One of the reasons that “credit bureau mistakes” is such a hot topic button is because of their impact on people’s lives. No one would blink an eye if the result of a negative credit history meant you paid 12 cents more a year on a car loan. It’s what those negative credit report listings do to our daily lives.
A bad credit history will impact;
- your credit score resulting in less financial opportunities
- impact the rate you may pay for car insurance
- impact your ability to find a good job – a career in your field
- impact your ability to rent a house or apartment
- impact your financial security by way of judgments and liens
The list goes on… People feel REAL realities because of what their credit reports say about them. Its because of this – that so much particular attention is paid to credit reports. It’s reputation management at the least and you should protect it.
For people who feel slided by the credit industry it can be a real nightmare. If a collection account, judgment, tax lien or bankruptcy listing lands on your credit reports and its inaccurate, its immediately felt. It doesnt take months to “add up” to financial pain. It’s immediate, the minute it shows up in your credit history.
You may say, “well, you reap what you sow” but that isnt always true. Credit reports contain mistakes. A lot of mistakes.
Consumer Protection Agencies work hard to help stop the spread of messy credit reporting but it takes a lot of work from everyone involved. The creditors, collection agencies, credit bureaus and you.
A mistake in your credit reports wont be found by anyone but you. If you’re not looking at your credit reports a few times a year then how do you even know whats in it?
Then, one day, you need to buy a new car. It’s at that point you notice the mistake but now is not the time to catch the mistake. A dealer at your local car lot isnt going to stand around and wait for you to fix the mistake that day because you cant.
A credit report error takes time to fix. You’ll have to contact the credit bureaus and start an investigation which will take about 30 to 45 days. That doesnt do you any good if you need a car right now.
A credit audit is something everyone should do at least twice a year. Catching any mistake before it impacts your life in a catastrophic way is the only way. Repair your credit before you need it.
