Ideally,
your credit report is an accurate, up-to-date reflection of your credit history.
However, since we don't live in an perfect world, there's many reasons your credit
report could contain errors or inaccuracies that may prevent you from receiving
the credit you deserve.
Here's 5 REASONS
to regularly review your credit report:
1.)
Inaccuracies & Mixed Credit Files:
Credit reports may include inaccuracies that can harm your credit rating. Many
of these errors can be the result of clerical mistakes or computer glitches. Whether
the inaccuracies relate to payments not credited, late payments, or data mixed
in from the credit file of someone else with a name similar to yours, you should
have these inaccuracies corrected as soon as possible.
2.)
Tracking & Payments: The fastest way to get lenders and creditors to be
your "best friend" is to make those payments on time - every time. But
what if a payment is lost in the mail or mistakenly recorded as "late"?
This has a negative impact on your credit, and creditors don't take it lightly.
If you call your creditor and explain, they might adjust the info. But without
your credit report you won't be able to spot these mistakes.
3.)
Identity Theft:
This crime can do extensive damage before consumers are even aware of it. If you
only check your credit report for one reason-- this is the reason! With very little
information, a thief can open accounts in your name and run up large balances,
leaving you to deal with the disastrous damage done to your good credit and name.
The best way to catch a thief who is using your name is to get a copy of your
credit report and look for accounts you haven't opened.
4.)
Credit Inquiries:
Who's been looking at your credit? A potential creditor, employer, landlord, hospital,
insurance company, credit union, etc., often inquire about a person's credit before
exchanging services for a fee. Be aware that too many inquiries could have a negative
impact on your credit. For this reason, too many inquiries can actually make getting
credit more difficult. And if you didn't authorize someone to look at your credit
report and they did, they may have broken the law.
5.)
Credit Fraud - Unauthorized Charges:
Credit fraud involves the theft of your credit card or account number to make
charges to your account. Though consumers are protected financially from this
abuse, creditors may take note of all this activity and decide to raise your interest
rates or refuse to grant you a loan. Checking your credit report will help you
monitor activity on all accounts that you haven't been using, or may have closed
recently.
More Related Articles:
Maintain
a good credit history - Here's some tips to help you maintain a good
credit history. Get off on the right track today...
How
to get FREE Credit Report - See how you can get your credit report for
free with NO STRINGS attached. It's your right as a consumer!
