You've saved up a down payment, picked out the color you want and you're on your way to the dealership to buy your dream car.
Then the financing department drops a bombshell...
you don't qualify for a loan.
But you have perfect credit, so where did things go wrong? Did you know that 3 out of 4 credit reports contain errors? A wrong account number or default by someone sharing your name can all lead to inaccurate information on your report.
Those mistakes can negatively affect your credit, making it difficult for you to get a car loan, low mortgage rate or even a job.
The only way to know if your credit report is free errors is to check it yourself.
By law, the credit reporting agencies must remove any errors that appear on your credit report, but they need you to be there eyes and alert them to any mistakes.
Since these errors can happen at any time it is important to continually monitor your credit report on an ongoing basis.
You should take extra care in checking your reports before applying for a credit card, car loan or processing the paperwork to apply for or refinance your mortgage.
This quick, simple step can protect you from the headache and embarrassment of being denied for a loan, and it can ultimately save you money by keeping your interest rates lower.
Checking your credit report is free, and can give you peace of mind.
If you haven't checked yours recently, it is time you should.