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.
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.
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.
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.
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.
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.
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.
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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To find out exactly how you can get your annual credit report visit my credit report website.
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