The Importance of Monitoring Your Credit Report


It is important for you to check your credit report every once in a while. Remember, having errors in your credit scoring report could mean the difference between securing great interest rates or being denied credit altogether. Below we outline the importance of monitoring your credit report on a regular basis. Continue reading to find out more.

It is advisable that you check your credit report on a regular basis to ensure there are no debts on your report you do not recognize. There are some thieves who steal people’s identities by opening accounts using people’s names. However, if you are careful enough, you will spot this anomaly in case it happens in your report. If you notice an account does not belong to you, make sure it is taken off your report as soon as possible to prevent fraud.

Other than checking for accounts that do not belong to you, check and verify that information presented is correct. If one of your payments is marked mistakenly as a late payment, your score could suffer a great deal. Some errors may seem too small but they have the potential to cause significant issues in future. An incorrectly spelt name or a wrong address, for instance could easily get your details mixed up with someone else’s details.

If you realize your report has errors, raise the issue with your creditor reporting the mistake and the Credit Bureau. Draft a letter specifically indicating the items in your report you are disputing while also requesting for the information to either be corrected or removed.

Make sure you check your credit scoring report every year. It is recommended that you check your credit report three times each year. Remember, checking your credit score is important as it allows you to pinpoint mistakes in good time and correct them.

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