Regardless we have credit or not, or even if the credit report indicates that our credit is less than satisfactory, it’s very necessary for us to recognize what’s on our credit report. Not examining credit report is surely a huge disservice, particularly if we haven’t checked it in a long time. We should also fix our report so as to save hundreds if not thousands of dollars over a year’s time. Well, by observing the subsequent worst case scenarios, we might come to realize how important it is to study our credit report.
The Occurrence of Identity Theft
By examining credit report, we can observe if anyone has stolen our identity. If there’s unrecognizable thing on our credit report, one of two things may have happened. Possibly the company has made some errors by issuing the debt, or else, there could be someone robbing our identity and opening a line of credit with our name.
Because of this condition, you should dispute the charge directly. It usually takes thirty days for the company issuing the debt to answer the disputed item. If they fail to respond, it means that the item is taken off your report. If it’s not, and you think you’ve been the victim of identity theft, then you can take numerous actions such as calling the police as well as making a contact with the creditor to inform them that the debt is certainly not yours.
Don’t Forget to Fix Your Report
By examining your credit report, it’s possible for you to observe who you owe and how much you owe. If your report is riddled with small balances, start with those first. Slowly but sure, send as much as you can as well as you’d be astonished with how fast you can pay those little balances off and you’ll also be astonished with how just doing that little bit can raise your credit score.
Once Per Year
You should be conscious of your rights of having one free copy of your credit report a year. Thus, you should make a contact with one of the three credit reporting agencies, or call them all to do a more accurate viewing of your report. You can make a contact with Experian, Trans Union and Equifax as the three agencies coping with credit report. Consider that not every company reports to every agency, so you had better get all three reports to get the most perfect view of your credit standing. You can also notice what you owe, how much it is, as well as the risk of being the victim of identity theft.
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