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The Advantages of Getting Your Credit Report

By Ruth Racey
Published: Monday, December 14th, 2009

It is true that most consumers right now own and use credit cards. Given the convenience of using credit cards for everyday transactions, surely, it would be far more convenient for consumers to use it than to use cash. 

Remember that there are a lot of consumers who can actually avail discounts from stores using credit cards. In addition, the can also spend more than they actually have. However, not all of these people equally get their respective credit report as much as they use their respective credit cards. The fact is that, your credit report actually has a large bearing to your credit score. In addition, tons of valuable information can actually be seen in this report, which can prove to be very useful to credit consumers who are now more concerned in being better financial managers. Here then are the advantages of regularly getting your credit report: 

  • It enables you to correct errors in your credit report
    Remember that the information that is present in your credit report actually has a large bearing in the credit score that you are going to get. This is because of the fact that whenever the three main credit agencies compute for your credit score, they will have to look for information that describes your credit worthiness. And the fact is, this information can actually be seen in your credit report. Examples of such are your payment history, your outstanding balance, the number of your credit cards, and the like. In this case, whenever you are checking your reports regularly, you can actually check errors in your report that can be harmful to your credit score.  
  • It helps you avoid being the next victim of identity theft
    One of the most common forms of identity theft is credit card identity theft. In this case, whenever thieves have stolen your credit card account, and used it in their transactions, this will be reflected on your report. Therefore, regularly checking your report enables you to monitor if your credit card account is already stolen by identity thieves or not. 
  • You can regularly monitor your credit score
    Also, the information that is shown in your report can give you a gauge of your credit score; negative reports leads to negative scores, while positive scores leads to high credit scores. In this case, monitoring your report can actually let you monitor our score, including why it went that way. 

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