Your credit rating or credit score is a measurement of risk. Low credit scores mean higher risk to lenders, which translates into higher loan rates for you. Knowing your credit rating can help you negotiate your best loan rate. To check your credit score, AutoMall.com recommends PrivacyMatters. It provides a free credit score check via a 7-day trial of its credit-monitoring program (requires a credit or debit card for a refundable $1.00 fee).
When it comes to your credit score, nothing is written in stone. You can improve your credit score if you know of a mistake on your credit report. One way is to work with the bureau agencies directly via a letter-writing campaign (however, this can be time consuming and complicated if the report also involves identity theft, late payments, job loss, reporting mistakes or a divorce). For credit repair issues, AutoMall.com recommends Lexington Law. The initial consultation is free. There is a set up and monthly fee if you decide to sign up. Consider the value of your credit rating and the amount you will save in lower interest costs before making a decision. |
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