If you haven't checked your credit report in a long time, you're doing yourself a huge disservice. Even if you don't have any credit, or even if your credit is less than satisfactory, you should always know what's on your credit report. Similarly, you should always be trying to fix your report. By fixing your report, you could potentially save hundreds if not thousands of dollars over a year's time. So why is it so important to check that credit report? Well, let's examine some worst case scenarios.
Identity Theft
One of the main reasons to check your report, besides fixing your credit, is to check to see if anyone has stolen your identity. If you don't recognize something on your credit report, one of two things may have occurred. Either the company that issued the debt has made a mistake or someone has stolen your identity and has opened a line of credit in your name. You should dispute the charge immediately. When you dispute an item, the company that issued the debt has thirty days to respond. If they fail to respond, that item is taken off your report. If it's not, and you feel you've been the victim of identity theft, then you can take action such as calling the police and also contacting the creditor to inform them that the debt is definitely not yours.
Fixing Your Report
The other main reason to check your credit report is to see who you owe and how much you owe. If your report is riddled with small balances, start with those first. Little by little, send as much as you can. You'd be surprised how fast you can pay those little balances off and you'll also be surprised how just doing that little bit can raise your credit score.
Once Per Year
You may not know this, but everyone is entitled to one free copy of their credit report a year. So contact one of the three credit reporting agencies, or contact them all for a more accurate viewing of your report. The three agencies are Experian, Trans Union and Equifax. Not every company reports to every agency so getting all three reports will give you the most accurate view of your credit standing and it will let you know what you owe, how much you owe, and whether or not you've become the victim of someone stealing your identity.
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