Chris O'Shea
Regularly checking your credit report is an important financial habit. Why? Because it contains your credit score, which impacts your financial life in many ways. Here’s a breakdown of why making a habit of checking your credit report is important.
Fixing Errors
Check your credit report regularly, so you can spot and fix errors quickly. Inaccuracies, from fraud to a payment that was made but not reported, can hurt your score. If you do spot errors, report them immediately so your credit score doesn’t suffer.
Finding Theft
In the same vein as finding errors, checking your credit report is a great way to protect yourself from identity theft. You will spot the fraud quickly and thus be able to take swift action.
Follow Your Score
Your report contains a complete breakdown of why your score is what it is. By checking your report, you’ll have a clear understanding of the behaviors and habits that impact your score and your creditworthiness. If you see that your credit utilization ratio is high, you can work on bringing it down. If you notice that your credit mix needs some work, you can take steps to improve it and thus improve your credit score.
Do One Thing: Check your credit report at all three bureaus to stay on top of things.
