The Importance of Keeping an Eye on Your Credit Bureau Report

Your credit bureau report is perhaps one of the most important financial documents you can have. It shows everything in regards to your credit history from applications to how well that credit is managed. It is designed to provide information on all credit based activities. Keeping an eye on your report to make sure that there are no mistakes is essential.

There are numerous ways that credit reports can obtain information that is inaccurate. This means that it is possible for your credit report to have errors that could be holding you back. Keeping track of your credit report and what is one also helps to ensure that you are protected against fraud and identity theft.

Every year you are able to obtain a free copy of your credit bureau report for most people this one time a year check will be enough to find any issues which may be on their credit report. Most credit reports are going to list more than a year of history. It also lists any late payments and missed payments. Every aspect of your report should be checked over including previous addresses.

It is especially important to make sure that you check on things such as credit inquires, that there are no debts you do not recognize and that all payments and most importantly paid off or settled debts are clearly listed or removed. It is common for there to be a delay or for settled debts to take longer to be marked as paid in full. It is important to keep track of this since these often have to be done manually rather than relying on the automatic reporting system most credit companies use to report information on their accounts to the credit bureau.

An important aspect to keep in mind, which should prod you to keep an eye on your credit bureau report is that the majority of consumers have errors in their credit report, according to multiple studies. The additional problem here is that any errors will remain on your report for a very long time unless and until you discover and dispute the items.

The information on your credit bureau report determines your credit score, how willing companies are to lend to you or extend you credit, and if they do, what interest rate they will charge you, since a low credit score tells them you are a higher risk for them. It is even a determining factor on whether you can buy a home or even rent one. This is why it is important to make sure that the information presented on your credit report is accurate and up to date reflecting the appropriate information for all the debts you owe as well as showing that there are no debts you do not recognize.

If you are someone that does a great deal of credit-based transactions, it is even more important to check your report and make sure that the information remains accurate. Credit and lending companies usually report at thirty, sixty and ninety day intervals. If you have recently made major changes just as debt consolidation or debt settlement, ask when the companies report and then check your credit bureau report to ensure that the information has been updated and reflects the changes that you have made. Keeping an up to date accurate credit report that is free of mistakes is one way to help protect yourself and ensure that you are able to obtain the credit and services you want. For more insights and additional information about your Credit Bureau Report as well as finding resources to dispute errors and get a free copy of your credit report from the major credit bureaus, please visit our web site at http://www.credit-help-center.com