Why Should You Check Your Credit Reports Often?
Part 8:
As part of series of articles (blogs)
regarding Credit and Credit Score, here we
go:
There are many reasons that you should know what
is in your credit reports and therefore, check
your credit files often. The three top reasons
are:
1.
Inaccuracies that should be corrected:
As we stated before, credit bureaus use their
own employees or third party organizations to
verify and obtain more information from public
courthouse records, etc. Not all court houses
have all their records online that could be
exported to other documents or media for credit
agencies. Therefore, this process requires
manual work by people who spend a lot of hours
and days researching mass amount of papers or a
computer screen at court house. This increases
the chances of creditors collecting inaccurate
or obsolete information.
Also, other agencies, by mistake or by purpose,
might have reported negative information to
credit bureaus to be included in your file.
The
Federal Trade Commission’s February 2013 report
shows that as many as 26% of people have an
error on their credit report.
You need to make sure the information in your
credit files are all accurate. This is
especially very important if you are considering
making a major purchase, such as buying a car or
home. As you will see later in this book, just
having one bad credit or negative piece of
information on your credit file could cost you
thousands of dollars for the life of the loan
you are going to get.
Correcting any inaccuracies may help you get a
better interest rate from your lender.
2.
New addresses or unfamiliar
accounts
that may indicate fraud
HOW to overcome the problems with your credit
history and credit score?
Knowledge, education, awareness, practice and
discipline are the essential keys to being
successful on any subject. The book,
"Credit Score Tips and Tricks",
provides you information, tools, techniques to
educate yourself and manage your credit report &
credit score, and therefore manage your finances
effectively at no additional cost.
I have decided to bring and share with you,
chapters or sections of the book,
Credit Score Tips and Tricks,
as series of
articles here. This is the number 8 of such a
series.
I also created and manage a GROUP in ActiveRain,
Credit Reports and Credit Scores, Please
feel free to join and share your thoughts and
experiences.
