Your credit score affects how much you pay in interest rates for home loans, car loans, credit cards, etc. Even if you’re not looking to make any big purchases now, you are likely to do so in the future. It is always important to monitor your credit report and changes to your score. Here are a few different ways to do so…
1. Yearly Credit Reports
On a yearly basis, request a copy of your full credit reports. They are available from the 3 major credit bureaus (Equifax, Transunion, and Experian). Refer to our blog on how to get free credit reports. These reports provide a wealth of information on your credit history. It shows the specific information reported by creditors and other parties, each of which impacts your score. The report is a great way to identify errors so you can find ways to improve your score.
2. Credit Monitoring
Many services out there, such as CreditKarma.com, will monitor changes to your credit report. They track when your credit score is pulled (and by whom), when new accounts are established in your name, changes to your credit limits or balances, and other important activities that affect your score. Most importantly, it can alert you to unauthorized use of your credit and allow you to quickly mitigate a problem.
Why Monitor Your Credit Report
Good credit will save you significant money both in the short term and over time. If you regularly monitor your credit report, you will be able to quickly identify issues, make corrections, and learn different ways to further improve your score. If you find issues on your credit report, some may be easier to repair than others. Contact FIT Credit for a free evaluation of your credit report and advice on how to quickly improve your credit score. Call us at 844-286-3914.