When To Check Your Credit Report
Most people should check their credit reports once a year. Most people should see their doctors once a year, too. Just as each person has a different health situation, each person also has a different credit situation. While once a year may be enough for those with good credit, others may need to check their reports more often. In this economy, many people are in sticky credit situations, opening more accounts than usual, or at least just wanting to be aware of their credit information. In fact, there are many reasons to check your credit report more often than once per year.
You may check your credit card and bank statements thoroughly every month, but in these times, that may not be enough to detect identity theft. When a thief opens a brand new account in your name, it won’t show up on your credit card bill, but you will see it on a credit report, since credit reports show new accounts that have been opened.
If you wait until you have bill collectors calling you about a large amount of debt you have accumulated, you will be too late to stop an identity thief from ruining your credit. By staying on top of your credit report, you can detect identity fraud early on, giving you a chance to resolve the situation before it is too late to keep your credit intact. There are other reasons to check your credit report regularly as well.
Perhaps you have had credit problems in the past and you are trying to work your way out of them. Or, perhaps you have excellent credit and would like to keep it that way. By checking your credit report and being aware of what creditors have reported and the accounts that are there, you will be able to rectify your bad credit or maintain your current credit score.
The credit report also becomes valuable when you decide a project must go the funding way but your application is denied. Even a credit card debt of twenty dollars from four years ago can keep you from receiving a loan. If your credit is cited as the reason for the rejection, you are entitled to a free credit report, which you should review to ensure that the information inside is accurate and that the decision was not based on misinformation.
The credit reporting bureau that produces credit reports is not infallible and every once in a while, a human error can pop up in a report. Legally you may challenge a report that you deem to be inaccurate and, because they are required to by law, credit agencies must investigate your complaint.
It is not only important to know what your credit report says about you, it is your right. Whether you are trying to get a loan or just making sure your identity has not been stolen, it is important to know what information is on your credit report.
Don’t pass up your legal right to pull your credit report once a year. Beyond that, if you are looking into getting a loan, attempting to improve your credit score, or just looking out for identity thieves, pull your credit report often enough to make sure your credit information is correct.
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