What Is The Importance of Credit Checks and Having Good Credit?

Currently, 79% of all credit reports contain at least one error. And of this 79%, one in four credit reports have an error big enough to keep you from obtaining a loan. So what does your credit score look like? Do you even know?

It is important to know your credit score and frequently obtain a credit report. This way to can fix any abnormalities or errors as they occur. Additional tips for maintaining a good credit score include:

  1. Review Your Credit Report: Look for incorrect information such as address, social security number, birth date, etc. This is especially important if you have a common name or if you are a Jr. or Sr.
  2. Credit Cards: It is a good idea to keep your credit card balances at less than 30% of your credit limit.
  3. Set up Payment Reminders: Making your credit payments on time is one of the biggest contributing factors to your credit score.
  4. Pay Bills on Time: Delinquent payments, even if only a few days late, can have a major negative impact on your credit score.
  5. Respond Quickly: If you are contacted by a collection agency, you have 30 days to resolve the problem or pay the bill before the blemish appears on your credit report.

If you have questions, the Maryland real estate insurance experts at Colony Title Associates can be reached by calling 410 884-1160 or visit ColonyTitle.com today!

About Colony Title Associates:

Founded in 1995, Colony Title Group handles in excess of 2000 real estate closings per year in the central Maryland area. The founder Tee Tillman has over 23 years experience in the title and real estate law fields. Colony handles closings for several lenders, including banks, credit unions and mortgage brokers. Colony is the preferred choice for many real estate brokers in the area.

Colony Title specializes in real estate title insurance, real estate settlement services, and real estate closings in Baltimore, Columbia, Maryland, Washington DC, and Virginia. Our staff consists of licensed Title Insurance Agents, Real Estate Agents, Settlement Processors, & Attorneys to handle all of your real estate needs.

You can also follow Colony Title on FacebookTwitter, and LinkedIn.

Sources:

Good Credit Important in Today’s Economy

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