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When Did You Last Check Your Credit Report? |
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How regular are you in checking your credit report? Most people don't bother to check their credit report more than once a year. More than that is overkill for most people. The answer to the question, how often do you check your credit report, will depend on a number of personal and financial variables: What are your future borrowing needs? How much capital do you have at risk? What's your current credit exposure? But is it enough to check it only once a year? Your credit checking behavior could have its own risks. You could be in financial trouble or a victim of identity theft and not know about it till too late. Do you want to take the risk? Have you been denied credit recently and have no plans to borrow or open a credit card account? Well, you might not be financial trouble now. But that doesn't rule out that you might never get into financial trouble. Seriously, what you don't know can sometimes hurt you. And in the matter of finance always helps to be aware. So, if you intend to buy a home, even in the next decade, you can never check your credit report too early. It can take a while to clean up mistakes or establish credit if you need it. And behind every successful home purchase there is the hand of timing. Therefore, it is better to check your credit report ahead of time, rather than wait for the last minute, for the verdict from the creditor. Also, look ahead towards other possible loans, like for a car. Also there are your credit card needs. A lot of incidents, like divorce, could trigger a credit card report check for your credit history. Do you then want to be caught unawares and possibly in an embarrassing situation regarding your finances? The strongest reason yet, to check your credit report periodically, is potential identity theft, an increasingly common problem. And if you really lead a dull credit existence and take absolutely no risks with your finances, then check your credit report regularly to boost your ego, and appease your vanity. This is one of the few times in life when you can see yourself, your financial self at least, exactly as the world sees you. And if you honestly have such an incredible credit report, what are you waiting for? Print it out and brag about it at cocktail parties. Well, you have been denied credit! The first thing that you could do is switch off the TV when the late night advertisement offering you unconditional credit comes on. You could begin by asking the lender who turned you down whether a credit report was used in making the decision. If one was, you should get a free copy of your report. Then, Check your credit report, as there may be a simple error and a simple correction. But the best thing would be, not to wait till you are denied credit, because it could involve a lot of embarrassment and distrust. You find your credit file is error free, but still can't get credit First, there is always the possibility that your credit report had nothing to do with your rejection. The creditor might have decided to deny you credit because of reasons best known to him. But you should check your credit report anyway, and ask yourself, honestly, how compelling your credit needs are and how much you are willing to pay to meet them. You can usually get a loan or credit one way or another, if you really need it or want it badly enough. But they come with high fees and interest rates, a cruel irony, since many who really need it are already heavily in debt. If your credit needs are not urgent and can wait, you can, in the meantime, join groups that offer support in dealing with debt like Credit Cards Discussion Board. These provide excellent community support for those struggling with the temptation of credit cards. Also, try and find a financial institution with which you could develop a personal relationship, small-town credit unions are ideal candidates. Then, give them all your financial business. Also, check your credit report regularly and work hard to keep the slate clean. Above all, steer way clear of anyone advertising debt relief with no pain. Almost without exception, it's a lie and impossible. But the sad truth is that people in dire financial straits are usually among the most common victims of such scam artists. Dies the checkout clerk at The Piggly Wiggly give you weird looks? Do all the tellers at the bank titter when you pass by? Don't worry; it might not be your clothes. You could be a victim of credit fraud. If you fear that you it might be a possibility, the first place to approach is the credit bureaus. Check your credit report, as it will reveal any suspect activity that you might be unaware of. You can even request that the reporting agencies refuse new inquiries or alert you to any that arrive. However, these services will cost extra. There are also measures, that don't cost you anything, to protect your identity. Do you still think that it is enough to check your credit report once a year? |
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