Why Do I Need To Check My Credit Report? Learning the basics of the credit report process, and keeping your credit report free of errors, is essential to good financial health. Credit bureau collects, maintains, and provides your report to landlords, businesses, and employers who need to check your financial responsibility. It’s wise to check your credit report frequently for signs of fraud. If someone obtains your social security number, only a few additional pieces of information are necessary to commit fraud in your name. Common types of identity theft include fraudulent bank accounts, credit cards, utilities, and loans. According to the FTC, victims of identity theft spend an average of 175 hours and 0 to clear their names. Early detection is the key to avoid suffering long-term financial consequences. What is a Credit Score? Your personal credit score is a number from 349-849 which stands for your credit risk. The higher numbers are considered less likely to default. Credit scores come from mathematical formulas that measure many variables in your credit report such as payment history, public records, and debt to income ratio. Why Do I Need To Check My Credit Score? A good credit score is your passport to competitive interest rates for mortgages, cars, credit card offers, job offers, insurance premiums and more. A strong score is worth money because it saves you excess costs, so don’t ignore it. For example, see how a fixed 30-year mortgage payment varies …
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