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Four Reasons why you need to Check your Credit Report

By George Hauser
Published: Monday, November 9th, 2009

Credit bureaus are obliged to give you free credit reports once every year. This is helpful because you are given the privilege to take a peak at the contents of your own credit report absolutely for free. 

There are many credit score tips that would tell you to take advantage of this because you are given the chance to review your own credit standing. This way, you can identify which among your finances need to be improved. In other words, you can only make a move to improve your credit score if you know what’s pulling it down. 

Also it is not very impossible for your credit report to contain mistakes. Some credit score tips advise that one of the greatest things that contribute to the increase of your credit score is filing for disputes. When you have regular access to your credit report, you are more able to correct mistakes. But of course, you can only verify the items on your report if you know your own financial activity. 

Other than these, credit score tips also tell you to check your credit report when the following events happen. 

When you plan to make big purchases using your credit card

Big purchases include buying a house, a car or a boat. You should get a credit report six months before you apply for a big loan. This span of time is already enough to clear up any discrepancies in your credit history. Most creditors rely much on the items in your credit history. If they see bad items on your credit history from four years ago, you might not be able to get the house or the car you want. 

When your loan and other credit-based services have been denied

The law tells creditors to send you a letter explaining why your credit card or loan applications have been denied. Most commonly, you should be receiving this letter within ten days. Also, the letter will explain how you can get a copy of the credit report they used to make the decision. 

This is to make clear that the contents of your credit report are what they used to make the decision to deny your application and nothing more. Applicable credit score tips would say that you should review this copy of your credit report and file a dispute if necessary. 

When you think you are a victim of identity theft

Many people find out that their identities have been stolen and are used by someone else. This happening could be caused by many things. There are on the other hand, several credit score tips that you can use to determine whether you are a victim and what you should do in case you are indeed one. You can suspect that your identity has been stolen if your applications get continuously denied or when you get calls from collectors even if you pay your dues responsibly. 

When you need to repair your credit or get out of debt or both

The other instance that would tell you to get a credit report is when your credit score has dropped and you need to fix it, or when you need to manage your debts. Your credit report contains almost, if not all of your financial accounts. You can only repair your score or start fixing your credit problems if you know what need to be fixed. Of course, the credit report will tell you that.

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