Learn about your credit

Add comment November 2nd, 2007

Today your credit score may trump everything else about you.

Are you a philanthropist? Are you a long-time dedicated worker in one career? Are you an elder of your church?

When it comes to credit risk, none of that really matters anymore. You are a number and the higher that number the better off you are.

The Rockford Area Association of Realtors is holding several seminars this winter to teach people how to build better credit and repair past credit. The first is Monday, Nov. 12, at RAAR’s headquarters, 6776 E. State St.

In the seminar, you will learn how to manage your credit, understand your credit report, how to dissolve disputes, learn about alternative credit and — since this is the Realtors association — discover the benefits of buying versus renting.

Understanding your credit score and how to fix mistakes is critical. I’m refinancing to renovate our basement — we were the only house in Loves Park to flood on Aug. 7 so it kind of forced our hand — and I discovered a mistake by the old Firstar Bank is still on my credit report.

In 2001, we paid a car off three years early. Whoever was in charge of keying in the fact it was a closed account didn’t do so. So even though we never received any more bills — we had a zero balance afterall — the computer was marking us delinquent. We didn’t discover it until 2003 and the bank that bought Firstar said they would take care of it.

Well, it’s still on my credit report.