It’s important to check your credit monthly as they are used to determine interest rates when you borrow money, such as for a house or a car. They are also sometimes used by insurance companies and even potential employers. A credit score is generated by a credit report usually generated by one of three companies – Equifax, TransUnion or Experian. Not all creditors report to all three creditors, which is why your score may differ between the three.
One way to be sure that your credit scores are where they should be is to check your credit scores on a monthly basis. There is usually a small fee to obtain your credit score, although the federal government does require credit bureaus to provide you with one free credit report each year. If your score is significantly lower than you think it should be, you need to review your credit report to see what may be dropping your score. It is not unusual for credit reports to have errors, such as an incorrect address or credit accounts that are not yours but in the name of someone whose name is similar. There are times when creditors report erroneous information or a credit bureau may enter the data incorrectly. The most serious error found on credit reports is fraudulent information. This occurs when someone uses your identifying information, such as a social security number, to obtain credit in your name that you did not authorize.
By checking your credit score monthly, you can avoid the risk of having someone open many fraudulent accounts. It also allows you to place a fraud alert on your account to protect you from additional identity theft. At TFC Title Loans, we do not check your credit prior to issuing a loan. All you need is a clean and clear car title along with identification in order to apply for a title loan for up to $50,000. There is no prepayment penalty and you keep the car while you pay off the loan, with terms between 24 and 36 months. Visit us online today to learn more or chat with one of our knowledgeable loan officers through our Live Chat option. You can also call us at 844-242-3543 to learn how we can provide you with immediate cash so you can meet your financial needs.