Why Is It Important To Review - And Understand - Your Credit Report?
October 6, 2008
The number one reason to check your credit report is Identity Theft.
The FACTA (The Fair and Accurate Transactions Act of 2003) is best known for giving consumers access to a free credit report once a year. It amended the Fair Credit Reporting Act to help consumers fight identity theft and is your number one weapon, if you put it to use.
You can obtain a free credit report from each of the three major credit reporting bureaus - Experian, Equifax and TransUnion. The very best site to use for this is Annual Credit Report.
You can access each of the three bureaus from there.
It is recommended that instead of receiving all three of your reports at once, you get one every four months. That way you can keep tabs on your credit report all year long. It is now recommended that you also obtain a credit report from Innovis once a year. They are the fourth major credit reporting bureau.
There are other reasons to keep tabs on your credit report. Nearly 90% of credit reports contain inaccurate information. The inaccurate information is often the reason people are refused credit and they don’t even know it. Any incorrect information could potentially affect your ability to obtain a loan or get a job.
It’s important to keep your credit report information up to date and correct. Don’t wait until you need to apply for a loan to check your credit reports. It will take time to correct any wrong information. You will have to prove to the credit bureau that the information is wrong and have it deleted or replaced with the correct information.
In these economic times, a good credit score is fast becoming more important than ever. Don’t take the chance that a credit bureau will always list your information correctly. Remember that anyone can see your credit report. It’s your financial reputation.
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