Privacy Guard:Monitoring Your Credit
Everyone should take a peek at their credit report at least once a year. Some experts say you should get a monthly report, but every six months is fine. Whatever your opinion on how often you should check your credit report, just do it.
Using the word “CAMP”, you can remember these 4 great reasons to keep a close eye on your credit:
1. CONFIDENCE-NEVER SWEAT IT WHEN APPLYING FOR CREDIT
Knowing your credit score can help you avoid the stress of applying for credit to make big ticket purchases. If you have up-to-date knowledge of your credit, you know whether or not you are in good enough shape to acquire more debt. Don’t put yourself through the stress of applying for credit and wondering “Will I be approved?” We all know how embarrassing it is to be declined. Staying aware of your credit can let you know BEFORE you get in too deep. When you have gotten several reports in a row, you should see a trend-good or bad. If you notice a negative trend you can stop spending, start paying off some of those creditors, and get your credit back on track.
2. ACCURACY-KEEP YOUR CREDIT REPORT ERROR FREE
Unfortunately, errors on credit reports are fairly common. When you get the report initially, read it carefully. If you see an item that looks out of place, notify the credit bureau that sent you the report. Sometimes during the follow up, you will find that the item is legitimate – something you forgot about maybe. As you continue to monitor you reports, you will become more and more familiar with everything on it. That will enable you to spot errors immediately. The earlier an error is detected the quicker it can be fixed. Errors that have been on your report for long periods of time will take longer to repair.
3. MAINTENANCE-GET YOUR CREDIT SCORE UP AND KEEP IT UP
Did you know that just having your credit checked by a lender can reduce your score? Lenders are notified whenever your credit is checked. Credit checks cue the credit bureaus that you are planning to make a big purchase – maybe even a home. When you are in the market to refinance your home or buy a new one, you will probably shop around with several lenders to get the best rate. If you go to four different lenders and each one of them does a credit check on you, your credit score will suffer. If you can furnish each one with a copy of your credit report, you can save having it checked and re-checked every time you talk to a lender.
4. PROTECTION -GUARD YOURSELF AGAINST FRAUDULENT CHARGES
Don’t open yourself up to being a victim of credit theft by just “hoping” everything is OK. In today’s technology-driven society, credit identity theft is becoming more and more common. Being familiar with the contents of your credit report will enable you to spot fraudulent charges right away. This is the pro-active way to protect your credit. If you don’t check your credit frequently, the thief could rack up months worth of fraudulent charges before you catch on to it.
Author: Lyn Collier
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While I don’t believe a credit score is terribly important (Dave Ramsey fan, here), I do think it is wise to monitor your credit regularly. Identity theft is all too common to ignore what could potentially pop up on your report. …
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