Use Your Free Credit Report To Fight Debt

Without doubt, you have heard a commercial for free credit reports. They play about every thirty seconds on television and every commercial break on the radio. If you are like me, you generally ignore them all or change the station, but they can actually be a very useful tool.

I had never taken advantage of a free credit report until this spring. Last year, when I was buying my house, the bank told me my credit score, which was fairly high. I never really thought twice about it, because at the time I had no debt and always paid off all my cards in full at the end of the month.

As I started searching for ways to reduce my debt and improve my financial situation, I realized just how much I was paying in interest every month. One of the credit report commercials caught my attention about how you can use your credit report to reduce your interest rates.

I did some searching and found Credit.com. After reading over the site, I decided that if I truly wanted to reduce my rates I needed to get the three bureau credit report. This will give you absolutely all the information about your credit score and history. It does cost about $30 but it has more than paid for itself in the past three months.

When I received my credit report, I went to work reading all the user agreements I had on my credit cards. I suggest everyone do this because there are a lot of factors that go into what your interest rate is on credit cards. For instance, your rates can go up if you are late paying bills for your utilities.

With my credit report in hand I called my credit card company and spoke with a customer service representative. I pointed out that while I do have some debt and a balance on my card, I have a high credit score because I always pay bills on time. After making some points I flat out asked if she would lower my interest rate two points to help me continue to pay off my balance.

I was very skeptical at first, but sure enough she called her supervisor and they authorized lowering my interest rate what I asked. I kind of wish I would have asked for more to be taken off but who needs to be greedy. This is just one example of how your credit report can help you.

If you are looking for a better rate on a car loan, you can always use your credit report to point out a good credit history. By showing that you pay bills on time, every time, lenders are often more inclined to allow a lower rate.

You may not want to spend $30 on the three bureau credit report like I did but I do recommend getting your free credit report. You can use this service once a year, free of charge, to keep tabs on your credit score and if you are heading in the right direction.

I recommend Credit.com for your report, because not only will your get your report but they also offer advice on how to use your report to your advantage. Credit.com also has a large library of articles and resources to help improve your score.

Quit paying high interest rate when you have a good credit rating. Sometimes all you have to do to pay less, is ask.

You can read more by Justin Golds at http://dollarandsense.net

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