FIVE REASONS TO CHECK YOUR CREDIT REPORT REGULARLY

Just like your resume shows prospective employers your work experience. Your credit report provides would be creditors ( sometimes also employers and insurers ) with a detailed picture of your credit history. And just like your resume, your credit report can and does influence whether you will receive what you are applying for.

In a perfect world your credit report is suppose to show an accurate, up-to-date reflection of your credit history. However, since our world isn't perfect, there are many possible reasons that your credit report could contain inaccuracies which could prevent you from receiving the credit you rightly deserve. The great news is you can take action right now to keep your credit report accurate and up to date. So without further adoo....drumroll please....Here are five reasons why you should make a practice of regularly reviewing your credit report:



Inaccuracies & Mixed Credit Files

Simple human error can be the cause of many inaccuracies on a credit report. Ofcourse, if you never order your credit report you may never know about it. (btw..I have inserted a link above to click to be able to order your credit report for free). 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 will definately want to contact the credit bureau to dispute inaccurate information promptly.

Tracking Payments

Demonstrating a history of ontime payments is one of the most important elements of your credit or FICO score. Even a simple delay in payment caused by something like lost mail can kick you over to a 30-day delinquency. If you never read your credit report you might not necessarily know which payments are being received and reported properly. Which if you had kept an eye on your credit you could have called your creditor and explained the situation and then they might adjust the information accordingly.

Identity Theft

This issue alone is reason to order your credit report immediately. Identity theft is an terrible crime, involving a thief who assumes your name to open new accounts, divert your card statements to another address, and run up all sorts of bad debt without you ever knowing about it until collectors come calling. Over time, identity theft could keep you from obtaining credit and without a doubt lower your credit score. The best way to catch a thief who is using your name is by getting a copy of your credit report, which will show you if there are accounts listed you know you haven't opened. For example, if a thief has intercepted a pre-approved credit card offer in your name and sent it in with a change of address, your credit report will include the account. I personally have had my identity stolen and it cripled my financial life. Lets just say they managed to even get my driver license suspended and my job was a driver.

Inquiries

If you're shopping around looking for a loan or more credit, you should know that when creditors check your credit, it places an inquiry on your credit report. Inquiries do add up, which is often will be interpreted as a negative by creditors. For this reason, too many inquiries can
actually make obtaining credit more difficult. Moreover, if you have not authorized
someone to look at your credit report and they did, they may have broken the
law. This is something I didn't know prior to researching credit.

Credit Fraud--Unauthorized Charges

Credit fraud is the act of stealing your credit card or
account number to make unauthorized charges to your account. Though consumers
are protected financially from this abuse, other creditors may unfairly take note of
all this activity and decide to raise your interest rates or refuse to grant
you a loan. Again, ordering your credit report will help you catch new activity on
accounts that you haven't been using, or may have closed.

When it comes to managing your credit worthiness, your
credit report is your best resource. Ordering your credit report gives you the
opportunity to manage your credit wisely today, while planning your credit
strategy for achieving future goals--a credit-savvy move every consumer should
make!

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