Home > Free Credit Report >
Check Credit Report > Protect Yourself By Checking Your Credit Report Regularly
Protect Yourself By Checking Your Credit Report Regularly |
|
Your credit report is a very crucial storehouse of your credit history and lenders use it extensively to assess your suitability to receive credit cards, mortgages or other loans. As such if you wish to apply for a loan or credit, you must check your credit report. By doing so, you might be able to find problems in the report and you can take steps to rebuild damaged credit and clean up that record before the potential creditors discover them. If you find that you've made mistakes in paying previous loans, bounced checks, made late payments or had other problems, you can provide proper explanations and reduce the amount of damage due to the above factors by doing some basic repairs. It is, therefore, advisable to check your credit report if you intend to apply for a major loan, like a house or car. This will give you time to correct mistakes and make good on delinquent accounts. You should check your credit report at least three to six months before you apply for a home mortgage loan and in the case of an auto loan, you should arrange financing with your bank or credit union after checking your credit report, before you start shopping. For credit cards, check your credit report before you apply. What Is the Need To Check Your Credit Report? The state of your credit report determines how much interest rate you will have to pay for your car and home mortgage or how much premium on insurance will be charged or whether you will be able to get jobs or promotions. If your credit report is tarnished, it will cost you money and career opportunities. You will pay higher interest rate, higher insurance premiums and probably you will miss job and promotion opportunities. You need to check your credit report for accuracy, as potential creditors and employers also do the same to assess you. Reasons to Check Your Credit Report Regularly About 25% of credit reports contain errors and inaccuracies that can affect a credit decision. You must check your credit report regularly, at least once a year, especially before submitting a home mortgage or other application. The common forms of error are incorrect information reported about your account, or addition of some other account information that has a similar name or Social security number (SSN) to yours. Tracking Payments An average household would be making a large number of payments during the course of a year and it is quite likely that your creditor might record one or more payments incorrectly and this is all the more reason for you to check your credit report regularly to ensure that your payments have been properly recorded. Identity Theft If someone assumes your name and social security number to open credit accounts, divert card statements to another address, and drive up debts, you can be the victim of identity theft, which can destroy your credit and trap you into a complicated process to clear your good name and background. You must check your credit report regularly to see if any credit activity, which you are not aware of, is taking place or whether a particular inquiry or credit account was opened without your authorization. Inquiries When you request for a credit or enter into some contractual service, your lender or service provider may check your credit report. This will place an inquiry on your credit report. Too many inquiries will lower your credit rating. By checking your credit report regularly you can know who has made an inquiry and whether any of the inquiries are due to identity theft. Credit Fraud: Unauthorized Charges A credit report shows the credit accounts that are still open but with limited or no activity. You have to check your credit report regularly if you want to catch any new activity on your account that may be fraudulent. Your potential customers can know that you are desperately applying for credit and getting turned down by checking your credit report. Be careful when applying for credit. |
|
| ------------------------ |
|---|
|
|
| ------------------------ |
|---|
|
|
|
|
| ------------------------ |
|---|
|
| ------------------------ |
|---|
Custom Search
|
| ------------------------ |
|---|
|
|
| ------------------------ |
|---|
Consumer Alerts | About | Bookmark Us | Contact | Espanol | Privacy Statement | Copyright | Terms & Conditions | Financial Widgets | SiteMap
Copyright © 2006 Credit Loan, LLC. 235 APOLLO BEACH BLVD, STE 218 Apollo Beach, Florida 33572 All rights reserved.
Disclaimer: The content provided on CreditLoan.com is for informational purposes only; do not make any financial decisions based on its content. Financial decisions are personal, based on an individual's situation. Consult with a financial professional before making any financial decisions. CreditLoan.com is not liable for your financial actions.
