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Checking your credit score is absolutely important. In fact, removing a single mistaken entry on your credit report could save you tens of thousands of dollars by improving your credit score.
People tell you to “check your credit score regularly.”
But why should you check your credit score? Is it really that important?
Checking your credit score is absolutely important. In fact, removing a single mistaken entry on your credit report could save you tens of thousands of dollars by improving your credit score.
Here are 5 reasons to check your credit score regularly – and how anyone can check their credit score for free.
In the United States, your credit score impacts many parts of your life. It’s no secret that credit score impacts which credit cards you can get. But it can also impact everything from car loans to phone offers to cable packages.
Some of the ways in which your credit score impacts your everyday life include:
• Buying a house and getting a mortgage
• Getting a job and keeping a job
• Renting an apartment
• Refinancing loans
• Paying for car insurance, home insurance, and other insurance products
• Buying a car
• Getting good credit cards with strong perks
• Buying a phone
If you’re not checking your credit score regularly, then you’re not maximizing your credit score.
If you’re not maximizing your credit score, then you could be paying more than you’re supposed to for financing – and you could be missing out on valuable offers.
Millions of Americans have mistakes on their credit report. These mistakes could be silently costing them thousands of extra dollars per year – yet they don’t know about these mistakes because they never check their credit report.
1. The more frequently you check your credit report, the sooner you’ll be able to spot erroneous entries.
2. The sooner you spot erroneous entries, the sooner you can dispute them.
To dispute an erroneous entry, you need to notify the company, the credit provider, and the credit bureau. You need to provide documents proving the entry is erroneous – like proof you paid a loan on time. If the error is a few years old, it’s difficult to provide this evidence.
Check your credit report frequently to spot errors as soon as possible and prevent them from affecting your credit score.
Is there a reason banks are turning down your mortgage application? Why are you paying higher interest rates than your friends and family? Have you been turned down for multiple jobs or apartments after a background check?
By checking your credit report, you know what lenders and employers see.
Many are surprised to discover how average their credit score is, for example, even though they’ve on-time payments for most of their lives.
If you never check your credit score, you’ll never know what lenders, employers, and others see when checking your background.
One of the biggest benefits of checking your credit score is that you can see what helps and hurts your credit score.
Your credit report features detailed information about things that boost your credit score – like on-time payments and small debt-to-credit ratios.
It also contains information about entries that hurt your credit score – like missed payments and limited credit diversity.
You might have had one credit card your whole life, for example, and assume you have a perfect credit score. However, credit bureaus also consider credit diversity and credit utilization. Having one credit card you consistently pay off is good, but there’s room for improvement.
Your credit score seems like a mysterious number – until you start checking your credit report.
If you’re trying to improve your credit score, then you know it takes time.
However, by checking your credit report regularly, you can discover the best time to apply for a new credit card, mortgage, or loan.
You can take action the moment your credit score improves, for example, to get a new credit card.
Or, if you’re waiting to improve your credit score to apply for a mortgage or refinance a loan, then checking your credit score regularly is a great way to do that.
According to the Fair Credit Reporting Act (FCRA), each of America’s three largest credit bureaus must provide you with a free copy of your credit report every year.
The best way to do that is by using a free website called AnnualCreditReport.com.
• The three largest credit bureaus are TransUnion, Experian, and Equifax. They teamed up to create AnnualCreditReport.com.
• AnnualCreditReport.com isn’t a flashy looking website, but it’s a legitimate service. Plus, it’s a service you’re entitled to receive every year.
• Visit AnnualCreditReport.com to request a free copy of your credit report every four months (once from each of the three major providers).
• By regularly checking your credit report, you can spot erroneous entries as soon as they appear, giving you the best chance of removing errors and avoiding problems with your credit score
You can find private companies online that let you check your credit score for free. However, they all use your information in some way or another. When you request a copy of your credit report from AnnualCreditReport.com, you’re dealing directly with the three credit bureaus instead of a third party.
At CreditBounce, we fix your credit score for free with no catch and no hidden fees. Get a full 3-bureau credit report today and start repairing your credit.
There are plenty of good reasons to check your credit score for free.
You can get better credit cards, improve your mortgage rate during refinancing, and even get a better job.
To check your credit score for free, visit AnnualCreditReport.com, which is a free online service run by America’s three largest credit bureaus.
Monitor your credit regularly to maximize your credit score.
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