Wasilla Car Dealer Gives Free Credit Education to the Entire Community
Gives Consumers a Fighting Chance
It's a known fact that credit reports contain errors. A recent study exposed the painful truth; nearly 80% of all credit reports contain errors.* This is because the system of reporting credit information is not as reliable as you might think.
A credit report contains your personal information, credit accounts, payment history, and public records. It's essentially list of good, bad, and neutral statements about your credit life. Credit bureaus obtain this information through voluntary reporting by credit providers and other institutions. Credit card companies, auto, home and school loan lenders, and those banks that back department store credit cards all report credit information. If you've ever had a collection account, bankruptcy, foreclosure or judgment, this information also appears on your credit report as a pubic record.
Credit bureaus have minimal systems in place to verify the accuracy of the data being reported, they simply accept it and report it. For example, if your favorite department store credit card provider sends flawed data to the credit bureau or fails to update or remove data properly, you can pay the price through credit turndowns or higher interest rates. The bottom line is this; it is up to you to verify the accuracy of your credit report.
We've all seen the advertisements for free credit reports; you know the ads with the snappy tunes that repeat ad nauseam in your head. These ads imply that simply knowing your credit score might have prevented some catastrophic event. The reality is that just knowing your credit score is worthless if you don't know how to benchmark it and improve it.
The Free Credit Report Fallacy
If you've ever tried to interpret your credit report from the position of knowing what positively and negatively affects your credit score, you've probably thrown up your hands in frustration. Some of the problem areas on a credit report are obvious. For example, negative information generally appears in a special derogatory section, but here's the thing; knowing that you have a 30-day late on a credit card, tells you nothing about the point hit to your credit score. There is no number like "-25 points" sitting off to the side of the 30-day late.
The credit score formula is a proprietary algorithm that is kept secret from the public. No one knows with absolute certainty how much or how little a credit score is affected by good or bad credit behavior. It is safe to say that the credit score formula considers many variables used in context to arrive at a score, but it is a lie to say, "Pay off your credit card and your score will increase 50 points." Anyone offering such advice should not be trusted.
In many cases, it's the not-so-obvious things that can have a significant impact on your credit score. For example, paying down all your credit cards to 30% of credit limit may have a more positive impact vs. paying off a single credit card and leaving the rest with balances near the credit limit. It's complicated to say the least, but there is hope.
The folks at Recreditpair have developed an educational website that exposes the best practices to achieve better credit. After logging into the website, you can learn how to order totally free credit reports, what positive credit behavior is, and how to re-establish a blemished credit record. Also included on the site is an educational e-Book with instructions about how to dispute errors on your credit report and an automated letter generator that makes writing dispute/verification letters to the credit bureaus fast and easy.
For a limited time, Chevrolet of Wasilla is giving away free access to Recreditpair's educational website CreditHelp4Me.com. Recreditpair is the Nations' #1 credit education and improvement system. Even if you are not in the market to purchase a vehicle, access to Recreditpair is complimentary.
For more information, contact Chevrolet of Wasilla at (844) 361-3007.