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The Importance of Monitoring Your Credit Report

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You should get a copy of your credit report from each of the three major credit agencies at least once a year. It doesn't matter if your credit rating is good or bad. Doing this will give you plenty of time to challenge mistakes in the report before they take hold. In addition, it will give you a heads up to major potential problems such as identity theft, early enough for you to do prevent the theft from totally ruining your life.

Whenever you ask for a credit report from one of the major credit reporting companies, they are required to provide you with certain information that they have collected about you. But they can keep some things from you.

One of the things that they have to provide, by law, is a record of all credit inquiries that have been made about you in the last six months. This helps you to keep tabs on who is requesting personal financial information about you.

But that's not all. They also have to provide you with the names of all the individuals and businesses to which they have sold a copy of your credit report. If the report was requested for reasons related to a job search, they have to tell you the names of anyone who requested it in the last two years. If the reports was requested for other reasons, they are only required to provide the names of those requesting it within one year.

When most people get their credit report from the agencies, they will give it a quick look and toss it aside. But, one of the most important pieces of information that is on the report is information about who has purchased or asked to look at copy of their credit report, this is something that you really should be interested in. Any unfamiliar names requesting your personal financial information show throw up a series of red flags.

Just about everybody who asks for a copy of their credit report wants to know what their credit score is. Unfortunately, your credit score or your credit risk rating is not something that these agencies are required to give to you.

You may think that this information belongs to you but, in reality, these figures are their internal evaluation as to your credit worthiness. In addition, it is the primary way in which they make their money. They sell this information to lenders and creditors, who use it as a basis in determining how big of a credit risk you are.

Now, even though they are not required to do so by law, some of these credit agencies will provide you with your credit score information for free. Others will do it for a fee. And some will not provide it to you at all. The key point is that whether they release it to you or not, is entirely up to their discretion.

The average person would probably be amazed at how many incorrect entries there are on their credit report. This makes it all the more important that you monitor your report and keep it accurate.

Article Source: http://depositarticles.com/

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