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It is important for you to monitor your credit on a regular basis. Why? To make sure the information in your credit report is accurate! Since the information in your report determines your credit score, and your credit score often determines the interest rate you will be charged, it's important to monitor your credit so you get the credit you deserve! This could not only save you thousands in interest charges, it could also affect your insurance rates, or whether you're hired for a job. These days, your credit score has become the financial "snapshot" you present to lenders and more and more of them rely on it heavily to determine your credit worthiness. It's also important to monitor changes on all three of your credit reports, because your credit history is contained in all three of your credit reports from each of the credit bureaus: Equifax, TransUnion, and Experian. It's important to check and monitor all three reports because the information in each report may vary. How is this possible? Different creditors may report your credit account status and payment information to separate credit reporting agencies, or credit bureaus. You should also know that companies checking your credit might only use one of the three credit bureaus. Since you do not know which of the three bureaus they will be using, you want to make sure that all three of your credit reports are accurate. Today, monitoring your credit has become more important than ever, as it can provide you with a valuable "first line of defense" against identity theft. If someone has stolen your identity, experts agree that one of the best ways to minimize the effects of identity theft is to discover the occurrence as soon as possible, so you can take steps to correct the situation. For example, a new account inquiry on your credit report may be a sign that someone else has applied for credit in your name. Or, an unfamiliar address on your credit report may be a sign that someone has changed the contact information on one of your accounts to hide fraudulent and unauthorized charges. Other information in your files such as unfamiliar collection accounts, or public records, could help you learn of identity theft as soon as possible, so you can mitigate the damages. Today, consumers can monitor all three credit bureaus on a daily basis by enrolling in a 3-Bureau credit monitoring service. These monitoring services send out instant email alerts to notify consumers of key changes as soon as they occur on any one of the three credit reports: Experian, Equifax, and TransUnion. The bottom line: Monitoring your credit can be a wise investment to help protect your credit, and your good name. Next Lesson 7: Identity theft Get Your Credit Score, Credit Report and 3-Bureau Credit Monitoring Free for 30 Days
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"The Dollar Stretcher, Inc." does not assume responsibility for advice given. All advice should be weighed against your own abilities and circumstances and applied accordingly. It is up to the reader to determine if advice is safe and suitable for their own situation.
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