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Why do I need to check my credit report?

By admin
Published: Saturday, December 18th, 2010

The government allows a person a free copy of their credit report each year. With the ever changing facts on your credit history, one look annually is not enough for us to monitor it closely. You may ask some companies to give you a monthly or a quarterly copy of your report especially if you are truly concerned about it. There are several reasons why we should monitor our credit report.

One of the reasons why we should always take a close look on our credit history is that there are mistakes made on the report that we may not be aware of. Everybody has bills which they forget to pay for. Examples of this are membership fees may be way past due. If not paid immediately, these bills will accumulate and gain interest. This will result to a large sum which we may not be able to pay. We should also check our credit history due to the increasing cases of identity theft.

Monitoring your credit report regularly may save you from bigger problems. If incase an identity theft was able to make credit card transactions on your behalf, you will be able to notice this immediately and catching the theft will still be possible. Annual reports will give the identity theft ample time to deplete you credit balance without being caught. Credit card companies make mistakes most of the time. In case there is no problem regarding identity theft, mistakes on credit card purchases may happen. For instance, you notice an unknown restaurant bill on your report. Chances are you did not pay for this transaction because you do not even remember going to that restaurant. Checking your credit report will give you the chance to alter the mistakes with the help of credit professionals. This may be tedious and lengthy, but it will make the credit card companies be more cautious next time.

Good history has a wide range of benefits. One of the best benefits is that it guarantees employment. If you apply for a job, employers will check your background including your credit history. If in case your credit report shows that you have a lot of unpaid bills, chances are you will not get hired. Bad credit means you are not responsible in handling your finances. Having a good credit report on the other hand will give the employers the impression that you know how to manage your money well, thus making them believe that you can handle their company or business.

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