Working in the financial industry for many years had made me more aware of my credit report. Back then, I normally would not bother getting a report because I was confident that the information there are quite spot on to my own experience. I just can’t be bothered requesting for one even though I know that I can get a free copy once every 12 months from the authorized consumer reporting companies. I reckon if I pay my credit card bills and mortgages on time, there is no need to check my credit report. I was also confident enough to believe that any time I apply for a loan, I will get it because my credit standing is impeccable. But as the years go by, there have been many incidences of people getting low credit scores even if they never miss payments on their obligations. It shows that there might be some discrepancies. This is enough reason for me (or anyone else) to get my credit report and verify its accuracy based on my own records.
Not many people are aware that federal and state laws mandate that individuals have the right to access their credit reports. It is then strongly recommended that you at least review your credit reports regularly to check for accuracy. When I started to check my credit report on a regular basis, I was able to see that the information is accurate. Only then I felt relieved and assured that no sneaky character is using my information to get a loan off my accounts. Let’s face it, theft identity is rampant nowadays and one way to check if you are a victim of one is to review your credit report.
Remember that your credit report can only be accessed by people or institutions with a legitimate business use for it. The following may be interested to know your credit history: lenders, creditors, landlords, insurance companies, employers, potential employers (with your consent), child support enforcement agencies, government agencies, and other companies with which you have a credit account with. Other than those listed should be treated as suspicious. In some states, you are allowed to freeze your credit report so that it can only be accessed at certain situations. This is one way of protecting yourself from possible identity theft, but carefully reviewing your credit report regularly can help correct information about you if you have suspicions of identity theft or fraud.
It takes so little effort to check how accurate your credit report is. You can even have it for free if you request for it. It a whole lot easier to prevent some things from happening rather than fixing things when they get broken. This is particularly true when you find out that you are a victim of identity theft. The credit report agencies mentioned above are forbidden to compile and sell information for direct marketing purposes. Doing so can have an adverse effect on people’s credit report should some con man attempt to use someone else information to obtain a credit.
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