Your credit rating is not something you should ignore. If you have paid credit card payments late, fallen behind on a car payment or have medical bills you have not paid, your credit may have been damaged. Ignoring the issue will not make it go away and you could be denied insurance, a loan, a credit card or even a job.

There are some signs that you may need to repair your credit. If you have applied for a credit card and been denied, it is possible your credit needs some work. A credit card company is required to send you a notice telling you why you were denied and if the letter states information in your credit report was the reason, you may want to take steps to correct the problem. If you have opened a utility account in someone else’s name because you can’t open one in your own, you probably need to look into credit repair companies. Avoiding the phone because debt collectors are calling or having family refuse to co-sign a loan for you are also signs your credit needs to be repaired.

It is possible to repair your credit on your own. The first step is to get a copy of your credit report. You are entitled under federal law to get one free credit report per year. If you have been denied credit, even if you have gotten a free credit report within the year, you are entitled to another if you are denied a loan. If there are errors on your report, you can dispute them with the credit company. Although you can do that online, it is recommended you send documentation via certified mail which can get expensive and is not exactly easy credit repair. It could take several letters to creditors and credit reporting agencies to get a response or get them to take action. If you are in need of quick credit repair, you may want to consider another option.

Instead of spending time sending online disputes or driving to the post office to send certified letters, consider using a credit repair company. Credit repair companies will do all of the work for you. They can file disputes, reach out to creditors and help you increase your credit rating. Keep in mind that creditors do not have to remove information that is valid. If you missed a few car payments, the loan company does not have to remove the negative comments. However, if you have documentation you never missed a payment, they can be forced to remove the information.

Another thing credit repair companies may be able to help you with is dealing with creditors. This is especially true if you have older accounts that are lowering your score. Affordable credit repair organizations may be able to arrange for a settlement or payment plan in exchange for removal of the negative item. Although you may be able to do this on your own, if you need quick credit repair, working with a company that specializes in repairing credit might help the process move more quickly.

EmployeeandMemberDiscounts.com offers many different easy credit repair discount options. If you need to improve your credit, you can sign up for EmployeeandMemberDiscounts.com at any time and there is never a fee. If you operate an organization or company, contact us today to learn how we can create a discount program that your members or employees will actually use, including easy credit repair. You can give us a call or fill out the easy online form to learn more.

If you want to purchase a new car, buy a home or even apply for a credit card, your credit score is going to be a major factor in that purchase. Even if you want to purchase insurance, rent an apartment or, in some cases, get a job, knowing what your score is can save you from headaches later. You score is only one part of your credit, however.

Your credit rating, or score, is a number that credit bureaus use to determine your creditworthiness. There are three major credit bureaus – Experian, Equifax and TransUnion. Companies who issue credit provide the bureaus with information on your balances, payment history, employment, income and residences. This information is then collected in 3 credit reports which are then used to determine a score. The algorithm to create the score is complicated and each credit bureau uses a slightly different method, although all three use five core factors to determine your score. In order of importance, the five core factors include:

• Payment history
• Credit utilization
• Average credit age
• Account mix
• Inquiries

This score is often called your FICO score, which stands for Fair, Isaac and Company, the data analytics organization that developed the score as a measure of financial risk. It is designed to help lenders make accurate, reliable and fast credit risk decisions when you apply for a loan, credit card or other type of credit account. Because each credit bureau uses slightly different information to compile their FICO scores, you want to review your credit score from all 3 bureaus before applying for credit.

Monitoring your score is important because it is used for a variety of purposes. Your credit card company may periodically check your credit report to confirm you are continuing to meet your financial obligation. If your score has fallen since they issued the credit card, they can raise your interest rates or lower your credit limit. You can be denied life insurance, an apartment or a mortgage if there is a problem with your score.

One way to monitor your score is to review your 3 credit reports on a regular basis. Information found in the reports is used to determine your score. Usually, the information is sent to the credit reporting company electronically and there can be errors when that happens. You may have an account appear on your credit report that actually belongs to someone with the same or similar name. A creditor may mix your account up with someone else, sending invalid information to the credit bureau. One of the most important reasons for credit monitoring is the prevalence of identity theft today.

Recently, Congress passed legislation that allows you to a free credit report every year. This free report may not include your score, but most free credit score programs will allow you to get the score for a small fee, usually less than $10. There are some free credit score programs available that allow you to access your score but only give you limited information about what is in your credit report.

You may ask “if I check my credit score and find a problem, what do I do?” All 3 credit reporting agencies allow you to dispute items you find in your file. Often, you can file the dispute online while viewing your credit score from all 3 bureaus. However, some experts recommend sending a certified letter to the agency that includes documentation regarding why the information is incorrect. No matter how you decide to file the dispute, it can be time consuming and frustrating to get incorrect information removed from your credit report. This is why you should work with credit monitoring companies.

A credit monitoring company will keep a vigilant eye on your credit report. If something unusual appears, they will notify you of the issue to confirm you were responsible. If it was identity theft or an error on the part of the credit reporting agency, the company will handle the disputes and work to get the information removed as quickly as possible. This means you are not searching for documentation, spending hours on the computer or at the post office sending dispute letters and your credit score is protected.

EmployeeandMemberDiscounts.com offers many discounts on credit monitoring. There is never a membership fee and you can sign up at any time. Visit us today to see what options are available in order to protect your financial future today. If you are a business owner or manage an organization and are interested in creating your own discount program, call us today to learn how we can help.

You may be aware that your credit report includes information about your credit history and that it is used to determine whether you are eligible for a loan, insurance, a job or even an apartment. Although a lot of people understand the importance of good credit, very few check their score and even fewer monitor it regularly. When you don’t monitor your credit report, you could become the victim of identity theft. For this reason, you may want to learn more about ID protection and credit identity theft protection.

When someone uses your Social Security number or other information to open accounts in your name, get a tax refund or make purchases, they have committed identity theft. The issue is so prevalent, the federal government has created a website to help people who have discovered they are victims. IdentityTheft.gov provides advice and resources to help victims. You may be a victim of identity theft if you see strange bank account withdrawals, get bills that are not yours or get calls about debts that you know nothing about.

There are ways you can do some of your own ID protection. Always check your bank and credit card statements when they arrive. Make a note of your payment due dates and if statements don’t arrive in time for you to pay, call to find out what happened as someone may be diverting your mail. Check your health insurance statements to be sure the claims were actually yours. Shred documents that contain personal information, including credit, debit and insurance cards. At least once each year, check your credit reports. Consider using a credit monitoring company who will alert you if something strange appears on your credit report.

No matter how careful you are, it is still possible to be a victim of identity theft. As good as many credit monitoring companies are, they can’t stop someone from stealing or using your personal information. Data breaches, stolen files and other things beyond your control could result in you becoming a victim. Most identity theft protection companies offer legal and financial assistance if you become a victim while you are a member of their service. If you have not purchased identity protection, you will need to freeze your credit and dealing with credit bureaus as well as creditors to prove the account is not yours. This can be time consuming and frustrating. Finding identity theft protection discounts can help you protect your finances while also saving you money.

If you are concerned about identity theft, don’t want to freeze your credit or simply don’t have the time to actively monitor your credit, credit identity theft protection may be the best option for you. EmployeeandMemberDiscounts.com offers many identity theft protection discounts as well as credit monitoring services. There is never a fee for the website and you can sign up at any time. We offer credit monitoring discounts for alumni, seniors and more. We can also help you set up your own discount program for your company or organization. These are discounts your members will actually use.

If you want to learn more about how to set up a member discount program for your company or organization, call us or fill out the easy online form to learn more. You can also sign up for the website at no charge to see what type of credit monitoring discounts and savings on other items will benefit you and your family.