Credit Reports: Monitoring Your Credit Report
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It doesn't matter if you have good credit or bad credit, you should monitor your credit report periodically-at least once per year. This article explains why monitoring your credit report is so important.
Your credit report details your entire credit history. Lenders and creditors use the information that is on this report to determine whether or not you qualify for a loan or credit. Insurance companies also use your credit history to set your rates for insurance coverage. Here are two of the main reasons you will want to monitor you're your credit report regularly:
Accuracy
Mistakes can happen and it is your job to report them. If your credit report isn't accurate, and errors aren't reported, you could get stuck with high interest and high insurance rates. Before you buy insurance, apply for a loan or credit card, or apply for a job, you should monitor your credit report to make sure all of the information is accurate, complete, and up-to-date.
Identity Theft
Identity theft is a serious problem. Thieves use your personal information, such as your social security number or credit card numbers, to make purchases in your name. Unfortunately, they don't pay the bills and the delinquent accounts end up on your credit report. Their charges could prevent you from getting a loan or getting a job. By monitoring your credit report periodically, you can catch this fraud before it does too much damage.
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