Three Reasons to Check Credit Reports: Announced by oscarnominations2017.com
SB Wire- Lenders use consumers’ credit reports to determine whether they are responsible candidates for receiving personal loans,mortgages, credit cards, and more. However, it’s not uncommon for consumers not to check their reports, while others have no idea what to expect to see reported on their credit reports.
In light of this, today the personal finance editors at oscarnominations2017.com have announced three reasons why it’s extremely important for consumers to check their credit reports, know what the credit bureaus report, and scan for errors and pontential identity fraud.
The Federal Trade Commission recently released a study that found that 26% of consumers have a mistake on at least one of their credit reports. While these errors could just be a simple error due to a mistake in reporting, they could also potentially lower a consumer’s credit score, especially if they are inaccurate late payments, debts, or maxed out credit card accounts.
If consumers don’t keep an eye on their reports, they won’t know that their credit scores are wrong and potentially lower than normal. This could lead to difficulty when consumers want to apply for credit cards or take out loans when they have erroneous bad credit scores. Lenders might deny the applicants due to their poor credit history, and because it could take awhile to fix these errors, if it’s urgent, these consumers might have to turn to bad credit loans or secured credit cards in the meanwhile.
2. Identity Theft
Along the same lines of finding errors on their credit reports, consumers may also come across new accounts and large balances that they think are mistakes, but are actually the tell-tale signs of identity theft.
When consumers don’t frequently check their credit scores, they might not realize their identities have been stolen until collectors contact them demanding unpaid payments. However, if consumers regularly check their credit reports then they can scan for new accounts in their names that they didn’t open themselves. The sooner consumers catch this identity fraud, the sooner they can resolve the issue.
3. Areas to Improve
Another important reason to check credit reports is to understand what information the credit bureaus report. Many consumers do not know what kind of information to expect to see on their credit reports, so checking into credit reports can be an educational experience.
Consumers should also look into their credit reports because it will give them a better idea of what areas they need to improve. For example, if late payments scatter their credit reports, then consumers will know that they need to do a better job of sending in payments on time.
oscarnominations2017.com is a leading authority site on credit related consumer services, personal finance,unsecured personal loans for people with poor and bad credit, credit sources, credit cards, and all things credit. Find this information and more at https://oscarnominations2017.com/.