WHY IS IMPORTANT TO KNOW, WHATS ON YOUR CREDIT REPORT?

If you are like most of the people, you probably don't think about your credit report, unless you apply for a credit card or a loan and your application is denied.

Some people even get decline and don't even bother in to find out what's on it and why they were decline, just stating; o my credit report is bad.

Some other people don't want to check what's on it because believe it or not, they are affraid of what they will found on it.

HERE WILL GIVE YOU 5 REASONS WHY YOU SHOULD CHECK YOUR CREDIT REPORT

1- You need to know where you are:  this is your financial health and for such a reason, you must know, where you stand. Ignoring your credit score, is like ignoring a constant cough and refusing to look for solutions.

2- Get familiar with the information that's on it: Taking a look regularly, guarantee that, if something is not yours, you will notice on time, and could save you a lot of trouble.

3- Fix information that is inaccurate: is better to find something that looks suspicious and work to fix it with time, than been rejected from a loan or credit card for the same reason.

4- It’s an important part of managing your personal finances. You should review your credit report just like you do your bank statements and credit card bills. Managing credit, keeping track of spending and putting aside savings are all essential to being financially successful.

5- Coul save a lot of problems if you detect on time that you are an Identity Theft Victime:  If you find names you don’t recognize, Social Security numbers that don’t belong to you, or accounts that aren’t yours, you might be a fraud victim. The national credit reporting companies can help you stop the credit fraud and prevent future misuse of your identity.

Now let's understand this Credit reports contain a lot of information, but it’s important that you examine each line carefully. Check to ensure that account balances and your payment statuses are correct. A wrongly reported account balance may seem minor, but this error can increase your credit utilization ratio and potentially lower your score. You can never be too careful or too informed with regards to your credit profile, so check your credit at least every 12 months, and mark your calendar to ensure that you do it.

WHERE CAN I SEE MY CREDIT REPORT? By law You're entitled to one free copy of your credit report every 12 months from each of the three nationwide credit reporting companies. Order online from ANNUAL CREDIT REPORT, the only authorized website for free credit reports. Some banking apps, offer free credit report that you can check daily if you want, and follow up with your credit score, which is the system used to measure your credit worthiness.

HOW MUCH DO I HAVE TO PAY: is totally FREE

HOW OFTEN SHOULD I CHECK OR MONITOR MY CREDIT REPORT? Your credit score can change as often as daily, depending on how often the information in your credit report changes. Credit Karma provides you with daily updates to your credit score if you want to track your credit score that often. If you're planning to buy a house or car soon, checking your credit score more often will help you be prepared. Otherwise, monitoring your credit score somewhere between semiannually to monthly is enough.

Remember that your credit score is a number that reflects the information in your credit report at a specific point in time. To change your credit score, you’ll have to change the underlying information on your credit report with good spending and payments habits. Most credit score providers, even the free ones, will provide you with basic details about the factors influencing your credit score. You can use this information to decide what you can do to improve your score.

As you monitor your credit score more often, you'll notice your credit score moving up and down, sometimes as often as daily. Unless your credit score drops considerably and stays there, you don't have to worry about changes to your score.

Also note that your credit scores may be different between different providers, particularly if the underlying credit data is from different credit bureaus. This, too, is a normal part of credit scoring.

 AT THE END

 Please do yourself a favor and know what's is going on, with your financial credit life

any questions regarding this or any topic, please contact us.