To stay on top of your credit, it is essential to check your credit report to be aware of it's contents. Why? Because checking your report is the most convenient way to review
your complete credit history, and make well-informed decisions on all your past, present
and future accounts. Also, it's a good idea to check your credit report for new derogatory
information and unauthorized accounts that might affect your credit.
Studies have shown that many credit files contain inaccuracies, which could influence
the approval process when you apply for loans, insurance, or even a job. Often the
result of simple human error, they can be caused by anything from a clerical error to
a computer glitch in which your file is mixed with that of someone with a similar name.
And that's not the only reason to check your report. In the past few years,
identity fraud has risen dramatically. In this form of credit fraud, a thief takes
over or accounts in your name, running up large balances in goods or cash advances.
If you don't check your credit report, it could be months before you even hear about such
a situation. Fortunately, new accountsd by a thief using your identity will appear
on your credit report, alerting you to the fact that identity fraud has taken place.
That's why it's essential that you check your credit report -- and monitor your credit
regularly -- with resources such as the
Credit Check Monitoring Service, which provides monthly online updates on new derogatory information that
is added to your report, plus several indicators of possible fraud.
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is not a substitute for professional financial or credit advice.
