Many people wonder how often they should check their credit report and the answer they receive is similar to the advice from their doctors about getting a physical: each must be done once a year. However, checking your credit report once a year may not be enough. In fact, it may only be good advice for someone who has a good credit score and who doesnat open many new accounts every year. In the worldas current economic state, many people do not fit into this category and therefore it is important to know and understand the instances in which credit reports ought to be checked.
In these times, with so much identity theft, just checking your credit card statements every month may not be enough. A new account won't show up on your credit card bill, but you will see that a thief has stolen your identity on a credit report, since credit reports show new accounts that have been opened.
Receiving a phone call about debt you didn't know you owed is not the best way to find out your identity has been stolen. You will have a much better chance of dealing with identity theft if you detect it early on, by checking your credit report before the problem gets out of hand. There are also other situations in which it is important to check your credit report.
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.
Another important reason to know what is on your credit report is when you are applying for a loan. If you are denied for that loan, it is vital to know why in order to keep it from happening again. A small credit card debt, even a twenty dollar one from four years ago, can keep you from being approved for a loan. If you are denied for a loan, you are entitled to a free credit report, which you should review to ensure that all information is accurate.
Credit reporting bureaus are made up of people, and where there are humans, there is the possibility for human error, even on your credit report. You have the legal right to challenge any errors that you may find on your report. If you do make a challenge, credit agencies are required by law to investigate to make sure the information is correct.
When a lender runs a credit check on you, you have the right to know what to expect. You do not want to be rejected for a loan because your file contains a human error that you were unaware of until your loan was denied and you most certainly do not want to find that your finances have been ravaged by an identity thief while your back was turned.
You have the legal right to pull one credit report per year for free. Don't pass up this right. And remember, if you are looking into applying for a loan, trying to improve your credit score, or just looking out for identity fraud, pull your credit report frequently enough to make sure your credit information is accurate.
In these times, with so much identity theft, just checking your credit card statements every month may not be enough. A new account won't show up on your credit card bill, but you will see that a thief has stolen your identity on a credit report, since credit reports show new accounts that have been opened.
Receiving a phone call about debt you didn't know you owed is not the best way to find out your identity has been stolen. You will have a much better chance of dealing with identity theft if you detect it early on, by checking your credit report before the problem gets out of hand. There are also other situations in which it is important to check your credit report.
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.
Another important reason to know what is on your credit report is when you are applying for a loan. If you are denied for that loan, it is vital to know why in order to keep it from happening again. A small credit card debt, even a twenty dollar one from four years ago, can keep you from being approved for a loan. If you are denied for a loan, you are entitled to a free credit report, which you should review to ensure that all information is accurate.
Credit reporting bureaus are made up of people, and where there are humans, there is the possibility for human error, even on your credit report. You have the legal right to challenge any errors that you may find on your report. If you do make a challenge, credit agencies are required by law to investigate to make sure the information is correct.
When a lender runs a credit check on you, you have the right to know what to expect. You do not want to be rejected for a loan because your file contains a human error that you were unaware of until your loan was denied and you most certainly do not want to find that your finances have been ravaged by an identity thief while your back was turned.
You have the legal right to pull one credit report per year for free. Don't pass up this right. And remember, if you are looking into applying for a loan, trying to improve your credit score, or just looking out for identity fraud, pull your credit report frequently enough to make sure your credit information is accurate.
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To find out exactly how you can get your annual credit report visit my credit report website.
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