Monitoring your credit score consistently should be a task that every consumer takes part in. Sadly, most Americans will only check their score when they believe a negative impact is about to occur. Often times, it will be too late and the damage will already be done.
If you don’t check your credit score often, here are some top reasons why you should:
In our connected era, it’s easier than ever to steal private information. Often times, crooks and scammers will use your credit to make expensive purchases without you even knowing. One of the best ways to stop identity theft early on is to check your credit score. The crook may have opened various accounts in your name without you even knowing.
Then suddenly you receive a statement in the mail with a $5,000 television purchase. By checking your score, you can help slow down the identity theft process and save yourself a headache later on.
Believe it or not, numerous studies have shown that nearly 1 in 5 Americans have an error in their credit report. Although the 3 major credit bureaus have told the public they are trying to fix this issue, its safe to assume that won’t happen. Oftentimes, a simple clerical error from the bureaus can cause a negative entry into your credit report and thus lower your score.
You can access your credit report for free, once per year, from the government mandated website www.annualcreditreport.com. Review each report throughout the year to spot any sharp declines. If you do spot an error on your report, your first step should be to file a dispute with the reporting agency. The credit bureaus have exactly 30 days to respond to any credit disputes.
If you have been struggling to keep a healthy credit score, motivating yourself can be extremely rewarding. There are many free services online that offer free credit score checks. Once you log in and see your score rise, you will feel more motivated to be a responsible borrower. The higher you raise your score, the more affordable it will be to borrow money.
All in all, its good practice to check your credit scores consistently. If you are looking to buy a new car but are in need of financing, CrediReady can help. Our nationwide network of trusted dealers and verified lenders work with buyers in all credit situations. Take a moment to fill out our free no-obligation loan inquiry form and start shopping for your dream car today!