Checking Your Credit Report by Jim Brown

How often should you check your credit report? Checking on it and your finances enables you to take on the necessary steps to improving your finances. While you may read advice being given online that indicates your credit report should be checked once every year this is not particularly the case. For people with good credit standing or for those who don't open many credit accounts each year, this is a good rule of thumb to follow. But this does not apply all the time for there are certain circumstances that trigger for your credit report to be checked.

In a loan approval for a house or a car for instance, one of the factors that could get you approved or denied for the loan would be your credit history. Certain entries on your credit report could actually keep you from obtaining your dream car or dream house. It would be wise to check it about six months prior to the time when you will be availing yourself of a loan application to help clear up possible erroneous entries or discrepancies. This can apply to other types of loans like installment loans, student loans, etc.

If you have been denied of a credit card or any other credit based service, you should check your credit report and review it in case of inaccurate information being reported. Most creditors and lenders who have denied your credit card application or loan application will provide you with the reason behind the decision as well as inform you of how you could secure a copy of the report used in making such a decision.

Identity theft has been becoming rampant and it can go on for months and even years being unnoticed. Other people even discover that their identity has been stolen only when a loan or credit application gets denied. If you begin to receive cold calls or collection letters from collection agencies for accounts you have never opened in the first place, then you should be suspicious and check your credit report. You should report immediately to credit reporting agencies if your identity has been stolen.

If you are planning to get out of debt, repair your credit or do both, a good place to begin would definitely be your credit report as this contains many of your financial accounts. You can absolutely use the information found on it.

Check your credit report periodically to check on what creditors are saying about your credit standing. It is always best to be ready and not wait to check it when you need good credit.



James Brown writes about privacymatters.com coupon, CreditReporting.com deals and CreditSolutions.com deals

Article Source: http://articlefree4all.com