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Why Are Credit Reports Important?

Sunday, October 1, 2006provided by

If you are applying for a loan or credit, records of your previous dealings with someone else's money are vital.

Whether you get that mortgage or credit card, or not, may depend on a network of credit reporting agencies that either share information with, or are owned by, three major credit bureaus. This report is often a critical factor in credit scoring systems that lenders use to issue credit cards as well as mortgages or other loans.

So, if you're considering making a major financial move it's a good idea to check your credit report to know where you stand. That way you can be aware of, and/or take care of, problems before they jump up and derail your plans.

If you find problems, or if potential creditors discover them, you can take steps to rebuild damaged credit and clean up that record.

If you've made mistakes in paying previous loans, bounced checks, made late payments or had other problems, you may still be able to reduce the amount of damage they will do to your credit with explanations or some basic repair.

Copyrighted, Bankrate.com. All rights reserved.

Rates

See today's average rates across the country.

• Mortgage

  Loan Type	Today	Last Week
  30 Year Fixed	6.42%	6.09%
  15 Year Fixed	5.94%	5.63%
  1 Year ARM	6.30%	6.20%
  30 Year Fixed Jumbo	7.42%	7.19%
  5/1 ARM	5.85%	5.51%
  3/1 ARM	5.70%	5.39%

  Source: Bankrate
• Home Equity

  Loan Type	Today	Last Week
  $30K Home Equity Loan	7.55%	7.66%
  $50K Home Equity Loan	7.26%	7.42%
  $75K Home Equity Loan	7.27%	7.43%
  $30K HELOC	4.70%	4.67%
  $50K HELOC	3.96%	4.13%
  $75K HELOC	3.95%	4.12%

  Source: Bankrate
• Savings

  Savings Type	Today	Last Week
  6 month CD	3.06%	3.00%
  1 year CD	3.47%	3.42%
  3 year CD	3.78%	3.72%
  MMA	2.38%	2.40%
  $10K MMA	2.55%	2.57%
  $25K MMA	2.89%	2.91%

  Source: Bankrate
• Auto

  Loan Type	Today	Last Week
  36 Month New Car Loan	6.82%	6.81%
  48 Month New Car Loan	6.86%	6.85%
  60 Month New Car Loan	6.51%	6.50%
  72 Month New Car Loan	6.32%	6.32%
  36 Month Used Car Loan	7.16%	7.15%
  48 Month Used Car Loan	6.85%	6.84%

  Source: Bankrate
• Credit Cards

  Card Type	Today	Last Week
  Balance Transfer	10.31%	10.03%
  Low Interest	11.01%	10.97%
  For Bad Credit	13.02%	13.12%
  Cash Back	11.47%	11.46%
  Business	11.10%	10.91%
  Airline	12.75%	12.69%

  Source: CreditCards.com

View rates in your area

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