subject: Why Keep Track Of Your Credit Report? [print this page] Having a good credit score goes far beyond that of being approved for a loan or a credit card. Your credit history plays a vital part in your financial life and will follow you forever as you do financial transactions all throughout. Your credit report speaks a lot about you, thus, it is of much importance to keep track of it and make sure that everything is doing well, clear and definitely away from debts and negativities.
With the increasing cases of identity theft, and the fact that errors in credit files are quite common, it's a very wise idea to check your credit report every so often. The simplest way to obtain your report is to get an online credit report.
Your credit report is a very important compilation of information about you. Most of the time, it lists a number of personal identifiers like your Social Security number, birth date, past addresses and even your present employer. Most importantly, it shows your past and present loans, mortgages, credit cards and other reported debts. Your credit report discloses the status of all those accounts to see whether they are paid, overdue, in collection, or if you have delinquent payments, balances or bankruptcies.
You might not see the importance of your online credit report right now, but in time, when you will need to apply for a car or home loan, you will realize that having a good credit rating is very crucial. In addition, a low credit rating is considered as a sign of a high risk of non-payment of debt. Your credit score even goes beyond just getting a loan or a credit card but also affects whether or not you can borrow money at an attractive rate, comprehensive insurance rates and even affects employment opportunities.
Your credit report file should contain accurate information as it portrays you in a positive or negative way regarding on your credit score. Creditors, employers, insurances companies can ask and obtain your file. Income notwithstanding, you are judged almost solely on the basis of the information contained in your credit report. As such, it is very important to keep it that you monitor all your financial activities through your credit report to make sure you would not have a hard time applying for your loan or credit card when the time comes that you need them s
