4 important reasons to keep your credit score error free

4 important reasons to keep your credit score error free

First of all, in the post-recession climate it's hard enough to improve your score to the point of becoming acceptable for lenders; you don't need errors on someone else's part to spoil your chances of approval for loans. There are multiple reasons for errors on your report to occur. It may have been a subscription to a magazine you've cancelled a couple of years ago, but due to someones error the company still expected you to pay the subscription fee. After a couple of months you have been considered a troublesome customer and you defaults' have been reported to the credit referencing authorities. It's fairly easy to correct those mistakes but unless you monitor the report they'll sit there and spoil it.

You may discover identity theft Some errors on your report could give you hints of identity theft. We all know our buying habits and where our money goes, more or less. Some of the items on report may however indicate that your identity or credit cards have been used without your knowledge.

It makes your life easier In case of large loans, such as mortgage for example, you don't want to try and improve your report last minute. It's important to have a steady credit history which reflects your financial responsibility and portrays you as a trustworthy borrower.

Correction takes time, so do it now Repairing the damage dealt to your credit history by errors may take a couple of months. The company responsible for the error will have about four weeks to run an internal investigation and correct your information. Should they decide against your claim your only option is escalating the dispute and going straight to your credit reference agency which will have another month to start their own investigation and present you with report. When you're faced with a great deal to buy a property or a car you usually don't have that much time to sort out the credit matters. Save yourself time and loads of stress and monitor your score regularly now.

Your report is free You may apply for a free trial with one of the reporting agencies, which will effectively make the report free. The only thing required of you is a couple of hours of your attention to check the report for any inaccuracies. It is speculated that over 75% of people have some inaccuracies on their credit report. When you consider potential consequences of such negative points it becomes clear that checking your score is the right thing to do.

Monitoring your credit score to make sure it's error free doesn't require much effort. If you're wondering What's my credit score' feel free to check this website for more information and advice on how to check your score for free.

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