The Top 5 Reasons To Check Your Credit
There are some serious reasons why you should check your credit on a regular basis.
With the expanded use of the internet, identity theft has become a major problem.
- You will want to check your credit on a regular basis in order to detect fraud and identity theft. Look for any open accounts that you do not recognize, as well as any charges on existing accounts that you do not recognize. Should you see anything suspicious, contact the account holder company immediately. Additionally, report this to the credit reporting agency. The sooner you do this, the sooner you can have any false entries removed from your report.
- It is important to always know who is making credit inquiries about you. This information will show up on your report. It is possible that too many inquiries can lower your score. No one should make an inquiry without your permission. However, this happens frequently. See who is looking at your score, and feel free to contact any unauthorized parties that are doing this. It is possible to have unauthorized inquiries removed from your report by contacting the credit reporting agency directly.
- Know where you stand before applying for a credit based account. There is no reason to add an unnecessary inquiry to your report if you know in advance that you will not be approved. Many credit card companies will tell you what your score needs to be in order to be approved. Loan providers may give you this information as well. Check your credit in advance of filling out an application. This will save you from wasting time, or incurring any unnecessary hassles.
- Those that are trying to rebuild their credit will want to keep tabs on the progress that is being made. It does take time for bad marks to be removed from a report, but over time this will happen. You may find it uplifting to closely monitor your progress, and see how your score improves from month to month. Rest assured that your hard work will eventually pay off.
- Check to see if the balances owed are correct. It is not unheard of for payments to not be processed correctly, or for unknown fees to show up on accounts. While most companies are indeed reputable, there are a few that could take advantage of you if you do not closely monitor your balances. Pay special attention to accounts that are closed. Those totals should not increase.