Summary:
When
creditors report to the bureaus, there is always a chance that they
might make a mistake in the data they send which will later be
reflected in your report. By being mindful of this when reviewing
your report, you can make sure that these errors are corrected before
it's too late.
A
lot of people ask why they should always review their good credit
report. It is widely believed that this is only for who want to get
mortgage a loan or some kind of credit. But the truth apart from the
fact that your good credit report is a source of information to
determine your creditworthiness; it is also needed for you to review
and to ensure that no mistake was made in the report that could
mislead lenders or other people requesting your report. This will
also have a big impact in your good
credit score. Considering the fact that this result is
uploaded by people, a lot of mistakes could be made. Certain
information could be omitted or there could be a conflict in the
information provided which will make it not 100% accurate. Here are
some reasons why you should review your good credit report:
Prevention
of Identity Theft
When
you review your good credit report regularly, you could always ensure
that no other account which is not yours have been included in your
name and there is no unauthorized transaction attached to your active
account. Any new account that is opened using your name without your
approval is the first sign of identity theft. This could lead to a
disastrous result because you will be held responsible for any
accumulated debt in that name. You could also monitor your sending to
be sure you are not pilling up debt in any of your accounts.
To
Detect Credit Bureau Error
The
information available in bureaus is gotten from your records by
people and not machines. Considering the fact that those who do this
are people and not machines, errors are bound to be found either in a
number, a letter, or something of the sort, for example, maybe the
person who transcribed your report wrote 1,000 instead of 10,000,
which in reality would make a huge difference to what is being
reported.
To
ensure your Data is Complete in all Three Bureaus
This
is very important considering the fact that the three main bureaus in
the US which are Equifax, Experian and TransUnion don’t share
information. So if you notice when reviewing your good credit report
that one or even two of the bureaus are missing some information that
was stated in the report from another bureau, report it immediately
in order for your good credit report to be updated and to include
that data. Sometimes it may also be the case that some negative
information is added to only one or two of your good credit reports
and which you might not notice if you only check your report from one
of the three bureaus.
Related
Source: How
to Calculate Good Credit Score
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