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| Why You Need to Monitor Your Credit to Maximize the Lines of Credit You Get |
By:
Patrick Gage |
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It's as simple as this. When you need to borrow money as a line of credit or for a loan, or even when you want to set up an application with a new vendor service, they are going to take a look at your credit record. If things aren't in place, and they feel you may not be as good as you should be in keeping up with your debts, they may decide they also can't trust you with their money or their equipment.
The simple way to make sure this doesn’t happen to you is to make sure you are regularly checking your credit report and that everything is in good standing.
Here is what you should be looking for:
• Anything that shouldn't be there – There are two things that you want to make sure aren't on your report that could be – dings that you have cleared up and dings that never should have been there in the first place. If you had a negative mark on your credit report, but have worked to clear it up, you should try to have paperwork showing the effort you made to make things right. Also, everyone makes mistakes, and that includes the credit reporting agencies. There well could be items on your record that really were not your credit problems, but somehow were accidentally put on your record. The sooner you notice them, the sooner you can have them sorted out.
• Anything that should be there – If you have paid off loans or other large debts, that should show up on your credit record. It is important that your credit report includes a trail of debts that have been met and satisfied because those who are considering giving you a line of credit will judge you by the amount of outstanding debt you still have to pay.
• That it's your credit – In this day and age of identity theft, it is not just consumers who have to keep an eye on their credit report. An identity thief could just as easily try to steal the financial information for your company and begin a shopping spree under your company name. Make sure all the items on your credit report belong there. Take a close look at all the accounts that are open and make sure they really are accounts you have open through your company. Don't be afraid to pick up the phone and call on any that look suspicious. It may be that you just don't recognize a name, or you could be stopping a bad situation before it gets worse.
Pat Gage, The Opportunity Creator, has over 18 years experience in money and finance, business building, real estate investing and marketing. The Opportunity Creator is not only a sought-after business coach but he also is a national speaker, trainer, and life-long entrepreneur who himself has started several companies.
For more information, visit Gage’s site at http://www.10stepstomoney.com |
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