The length of your credit history is another determining factor in a good score. Lenders want to know that you are able to maintain prompt payments and good standing for a reasonable period of time. Most credit scoring models consider length of your credit history, but low points in this area can be outweighed by good payment history and low debt balances.

Some creditors consider type of accounts you have as a determining factor in your credit worthiness. While it’s a good idea to have established credit accounts, some companies consider loans from finance companies or too many accounts to be negative factors.

Checking your credit report regularly (at least once each quarter) helps you in numerous ways:

1.You need to know who is checking on your credit at any given time. Inquiries factor into your overall credit score and it is illegal to run your report unless you have given written permission. 2.Makes you aware of accounts reported incorrectly, which is extremely important in situations such as a company reporting a late payment incorrectly. 3.You may discover big surprises like a collection account filed against you that you weren’t even aware of. It happens! 4.And really big one – someone has stolen your identity and is using your credit!

With number of identity theft cases increasing steadily, you can’t afford to ignore your credit – especially if you are considering borrowing.

In a recent court case number 02CC13327, a 4th District Court of Appeals upheld first $1 million judgment against a large retail company by a victim of identity theft. One of interesting facts of this case is that court recognized a recently developed procedure for measuring credit damage. The owner CM Financial of Fullerton, CA, Georg Finder, is an expert witness in credit cases, and is responsible for developing this process that he calls “Credit Damage Measurement,” or CDM.

Up until recently, lawyers for victims of credit damage had little chance of collecting damages beyond medical treatment, lost wages and property loss. With development of CDM, that has all changed. So what do you do if your credit worthiness is damaged due to situations out of your control? Call CM Financial at 714 441-0900 for starters to find out how it’s possible to calculate exact financial consequences and therefore enable you to seek out appropriate compensation.

You can learn more about CM Financial and CDM process, including being able to view sample reports, at http://www.creditdamage.com.