Reasons to order your credit report
In today’s society, credit has too much clout not to know what your credit score is. A credit report contains information on where you live, what payment methods you use and whether you’ve been sued or filed for bankruptcy. All of this information together has a direct impact on whether you will be approved for a loan or even credit cards. If you’ve never ordered a credit report, there could be outstanding payments or incorrect information affecting your credit that you’re completely unaware of. Here are just a few reasons why you shouldn’t waste time when ordering your credit report:
Check for Mistakes: Make sure the information is correct, thorough and up-to-date. Even if you don’t plan on applying for a loan soon, it’s always good to double-check so you can deal with errors in advance.
Check for Identity Theft: Many don’t realize that there are plenty of ways to fall victim to identity theft. Identity theft is when another person uses your information, such as your social security number or credit card information, to commit fraud. Many times identity thieves use your information to open credit cards, and when they don’t pay the bills the delinquent account is reported to your credit report. Review your credit report carefully and pin point any irregularities– bad information could jeopardize your ability to get credit, insurance, and even a job.
Check for forgotten accounts: Remember that time you opened an account at a major department store to save 15% on the purchase? You never used the card again and eventually forgot, however the payment could still be out there. This is common and can greatly affect your credit score.
The Fair Credit Reporting Act entitles all consumers to one free copy of their credit report per year. In order to comply with this requirement, the three major credit reporting bureaus set up a web site: www.annualcreditreport.com. Visit this site to find out how to get your free credit report.