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Why Do I Need To Monitor My Credit Report?
Credit is fast becoming the primary way consumers incur
purchasing power. Most consumers can agree that without credit,
their quality of life is adversely affected. Some may rely on
credit to establish a money management plan, using the monthly
payments as a consistent budgetary marker. Now more than ever,
the sign you are a responsible consumer is perceived through how
you control, monitor and protect your credit history.
There are many good reasons to
monitor your credit report, not
the least of which is the relationship between your credit score
and history. Critical information from a credit report may help
improve (or deteriorate) your credit score, and enable you to
receive greater loan amounts, higher limits and lower rates.
Plus, by carefully monitoring your credit report, you may be the
most successful line of defense against identity theft.
Identity fraud is the act of deliberately assuming someone's
name or identity, and using this identity to commit fraudulent
acts. Making frequent purchases over the telephone, or via the
Internet, places you at a higher risk for this type of fraud.
Your credit report tracks and records every credit-related move
you make. Be sure to limit access to this information, and at
the same time, periodically check your own status in order to
monitor any signs of identity fraud.
A close watch on your credit report may lead to an improved
credit score. A poor credit history, resulting from a record of
delinquent payments, defaulted loans or other adverse credit
activities, may cause lenders to refuse you future lines of
credit. By staying on top of your credit report, and closely
monitoring your credit status, you can find ways to rectify
negative marks against your credit. |
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