How Easy is Credit?

Or, we should say, how easy is BAD credit?

If you haven't checked your credit report recently you may be surprised at the results. Millions of Americans who think they have great credit are shocked when they are turned down for a credit card, car loan, or home mortgage.

Credit is easy, but it could take you seven years to get rid of bad credit. Are you thinking, "Not me, I have great credit!"? If you have moved, are paying on a student loan or share a name with someone in town you may be surprised at the story that your credit report is telling everyone else.

Have you moved?

The boxes are unpacked, the pictures are hung, and you just remembered to fill out that funny little postcard from the post office to get your mail directed to your new abode. The mail that gets forwarded from your old home is taking a few days longer to get to you or may not get to you at all.

All credit agreements mention that you are responsible for payment even if you do not receive a bill, during a move if you don't see a bill it is not difficult to forget about a few credit cards payments. A 30-day late on your credit report may look bad but three or four of them after a move may cause your credit to nose dive without you even noticing.

What lending institution owns your student loan?

They can change monthly sometimes. You may be sending your bill to your old loan company for a few months until you realize it was sold to another company. When you send it to the new company you find out it was sold again. Your payment maybe in 'never, never get there land'. This will show up on your credit report.

Student loan companies report quickly. They know you were smart enough to fill out the student loan application, you are smart enough to send them a check to one of fifteen changing address. Didn't you take a class on that in college?

Were you named Steve in the 60's?

Jennifer in the 70's? Michael in the 80's? So were tons and tons of other babies. You now share your name with half of your neighborhood. Credit companies look at names, streets and towns and put information on credit reports. You may wind up with your parents or neighbors information on your credit report. If they have great credit you may not mind, but more likely you will see negative marks that may belong to everyone but you.

If you don't want one of these surprises the next time you are requesting credit, order a credit report that includes all three reporting bureaus. Surprises are only good on birthdays.

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