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Why Get Your Own Copy of Credit Report

Requesting for a copy of credit report at least once a year is important. Doing this, you can update your personal and financial information, and check for discrepancies before it causes damage to your credit standing.

Also referred to as credit history and credit file, a credit report is an important document that shows where your credit score stands. It also contains important and sensitive data, such as credit history, public records, report inquiries, and dispute statements.

This report is a summary of information on how you, as an individual, pay your loans and bills. It is also where potential employers, landlords and lending companies refer to when they perform background check on you.

This document helps employers and creditors decide whether they will approve or decline your application. And thus, having a good credit report means having a better chance of you getting a job or getting approved in a certain application.

There are a lot more reasons why you should request for a copy of your credit report. It is important that you are aware of your current credit standing so you will, at least, have an idea why your loan application was denied. Below are some other important situations that would require you to get a copy of credit report.

  • You’re planning to improve your credit score and pay all of your debts. 

The information included in the credit report can help you create a strategic plan on how you will pay your debts.

  • You’re suspecting that your account may be involved in a fraudulent activity. 

This can happen especially on reports that are not regularly checked. Since identity theft is rampant on the internet, it is always best that you regularly check on your report to ensure that your personal and financial information is secured.

  • You’re planning on a major purchase. 

It is recommended that you get a copy of your report six months before you do a major purchase. This gives you enough time to correct discrepancies and inaccurate information.

  • You’re denied of a recent credit card or loan application. 

If you have no clear idea why your application was denied, it is advised that you check on your credit report and make sure that your application was not approved because of inaccurate or incorrect pieces of information.

If you want to keep your credit standing good and healthy, checking on this report at least every 6 to 12 months is the most important thing that you can do. Requesting for a copy of credit report is also a good way for you to start fixing your credit scores. Free credit report available on the next page.

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