It is important to check credit report data because everyone, including lending companies and credit card companies make mistakes when reporting information to the credit bureau. Checking the data that is on your credit report can help you to make sure that you have the most up to date and above all, ACCURATE information reflected there. It is also important because disputes can only be filed within a specific timeframe. If you wait too long you could end up being unable to correct the discrepancy and your dispute simply ends up dismissed. |
There are a number of things which appear on your credit report. This is why it is important to check credit report data thoroughly and regularly. Legislation allows for one free credit report every year to help people make sure the information is accurate. Since most people usually only have a few credit cards, loans and perhaps a mortgage or lease history it is usually easy to use this one time to check to make sure that your data is correct. Errors are usually made in updating already existing data rather than data that is already on the report.
This is why it is even more important to check your credit report when you make major changes such as debt consolidation, new acquisitions of lines of credit, loans, mortgages, vehicles or when you settle a debt. You should do this as soon as possible to make sure that the debt is marked off correctly as the right type of debt, with the right amounts. Depending on the debt, it will give the balance on revolving debt and usually the monthly amount owed on installment debt. It is usually a good idea to make sure this information is accurate, if not you may end up with a dispute or may end up not being able to obtain a service you need because the data is not correct.
In addition to the ability to check credit report data annually for free you can also obtain copies of your credit report every time you apply for credit or when a credit check is done for example when you go to lease a piece of property or car. This allows you to check the data that the company making the request was shown. You can often spot mistakes and errors in this manner as well. When you do find an error make the dispute as soon as possible. You can do this first with a phone call, followed up by a written letter. This allows your account to be marked that there was a discrepancy as soon as possible but all disputes are usually filed in writing. The longer you wait the less chance you have of having your dispute resolved quickly.
This is a particularly great idea to do before making a major purchase such as a car or a mortgage. If there are uncorrected errors on your credit report and then the lender runs a credit check on you, the damage is already done. Instead, get your credit report verified and corrected BEFORE you apply for this new major purchase, which will avoid a lot of headaches and hassles later on.
Another reason for doing a regular check on your credit report is to make sure that you have not become a victim of identity theft, which is one of the fastest growing crimes of this century. If there is an account on your credit report that you do not recognize, be sure to waste no time in finding out what that is.
Check credit report data often in order to ensure that the data is up to date, accurate and does not contain any errors with balances, addresses, personal information, or account numbers. Make sure that payments have been reported accurately and that any debts that have been consolidated or paid off are clearly marked. Credit companies and reporting agencies work with massive amounts of data and it is not difficult for mistakes to be made. This is why it is up to you to check your report regularly to ensure the data on your report is accurate. For more insights and additional information on the best ways and reasons for you to Check Credit Report as well as getting a free copy of your credit report from each of the three major credit reporting bureaus, please visit our web site at http://www.credit-help-center.com
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