Optimizing Your Credit with an Equifax Credit Report

As you nestle down in a lender's or insurance agent's office to hear what quotes they've prepared for you, there are a few things they know that you don't. For instance, these brokers or agents know your credit score and rating, something the majority of consumers don't know themselves. To place this in an analogy: If you and the lender were playing poker, he or she happens to know exactly what cards you hold, while you're playing blind. How do consumers combat this inequality? Get yourself an Equifax credit report, that's how.

Knowing, as they say, is half the battle; and this aphorism certainly rings true with regards to credit history. Consumers who are up to date and profoundly aware of their credit score and rating can readily dispute inaccuracies, explain anomalies, and generally lessen the impact of negative scores on lender's rates and quotes. And, not only does knowledge of your credit past help you in the lender's or insurance agent's office, but prescience of credit ratings helps you find a company tailored specifically to your situation.

How do consumers go about getting a credit score and report? Online vendors distribute analyzed data for nominal fees across the World Wide Web. Equifax credit reports (try the website www.econsumer.equifax.com for specific purchasing information) come in a variety of packages. Consumers interested in simply their credit report (customers are given information on how to analyze this report exactly as lenders and agents do) can easily purchase an instant Equifax credit report for about $9. If, however, consumers want a little more information, they have to put down a little more dough. For $14.95, an instantaneous credit report and FICO credit score are issued to intrigued customers.

In the lending and insurance world, three different, equally recognized agencies handle the credit reports and scores for the American public. Lenders or insurance agents can request credit reports from any one of these three-meaning that by solely purchasing one credit report, you might not have the selfsame information as your "opponent" does. Fortunately, an Equifax credit report can be issued from all three of these agencies (of course, the price moves upward, to a stately $29.95). But, if you consider how much money could be potentially saved over the life of a home mortgage loan by whittling down interest rates by even a fraction of a point, $29.95 doesn't seem like an awful lot to send.

The question remains: How beneficial is the knowledge of your credit report and score? What sort of a positive impact can consumers expect from this knowledge? The answer is: Who knows? There is absolutely no guarantee that, after getting hold of an Equifax credit report, the quotes issued will be significantly less than before. Anyone who tells you differently is probably trying to make a sale. But, knowing your credit rating immeasurably helps you decide which companies to solicit quotes from. Knowing your credit history helps you stamp out inaccuracies that very well could have prevented you from getting the rates you deserved. Knowing your credit score helps you view your situation from the position of the broker or agent, and ultimately helps you explain any crediting indiscretions you may have had as a younger client. To wit: Getting your credit report doesn't guarantee lower quotes and rates, but it helps you secure them in the long run.

For consumers contemplating a large purchase (automobile, house, etc.) investing 30 dollars in knowledge that might save you thousands hardly seems a misstep. And, while you'll never be able to see what cards the lender or insurance agent is holding, at least, by knowing what he or she knows, you can tell when they're cheating.