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Regularly reviewing your credit report should be at the top of the list of your personal financial habits. A credit report can act as a shining light into your financial background, helping reveal your personal payment history and creditworthiness to the lender which helps them to decide whether to approve your loan and credit card application or not. Your credit report can even serve as a sentinel against identity theft and consumer fraud. That is why it is recommended to check your credit report regularly.
It might happen you may miss paying your credit card bills or loan EMIs sometime. Missing these payments can have a bad impact on your credit score. By checking your credit report, you will get to know exactly how much impact you had on your financial health due to missing or skipping your loan EMIs and credit card bills on time.
Lenders and credit card issuers submit your loans and credit card details to the credit bureaus based on which they calculate your credit score. Checking your credit report will let you know your present credit score and take corrective steps to improve it if it is not up to the mark. This will ensure that your loan or credit card application does not get rejected by your lender because of a poor credit score.
Your credit report can also have incorrect records of your credit accounts or duplication of the same loan or credit card account. In some cases, your credit accounts can get mixed with someone else’s details which can adversely affect your credit score. At present, regularly checking your credit report is the only way of detecting such incorrect or wrong information mentioned in your credit report. Contact your lender or credit bureau immediately on finding any dispute in your credit report to fix it as soon as possible.
If you come across accounts that are not yours or names you don't recognize, you might be a victim of fraud which can result in a drop in your credit score. If you check your credit report regularly, you can detect such identity theft easily and prevent your identity from getting misused by someone which would otherwise prove very costly for you in the long run.
Having a good credit score is important when you apply for loans or a credit card. By checking your credit report regularly, you can keep an eye on your credit score and know your current credit standing. If you come to know that your credit score is not in good shape, it is recommended to take steps to improve that which will help you to qualify for the better interest rate in the future.
Checking your credit reports regularly can help you correct any mistakes and look for signs that your identity has been stolen. As these mistakes on your credit report can negatively affect your credit score. So, it is important for you to be aware of the information present in your credit report and how it is impacting your credit health. If you consistently follow this procedure. You will also be able to improve and build your credit score to get loans and credit cards at low rate of interest.