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Why You Need To Monitor Your Credit Score, Even If You Think Your Credit Is Fine

[Friday, September 7th, 2018]

If you’re like most people, you’re used to getting flooded with offers to monitor your credit score. There are many services that offer credit monitoring, credit report downloads, credit repair, and on and on. And again, if you’re like many others, you delete these emails, toss the flyers in the recycle bin, and go on with your life, assuming your credit is just fine and you don’t need to check on it.

However, if you’re not already keeping an eye on your credit score, this could be a mistake. If you don’t pay attention, you could find that your credit has been ruined by errors or by fraud, and you won’t know until your only option is to get a credit card for people with bad credit. In this day and age, all of us need to monitor our credit reports on a regular basis—even if you think you have excellent credit.

Errors are common

Why? For one thing, credit experts estimate that around 80 percent of credit reports contain errors. This could be an account that doesn’t belong to you, an address for someone with the same name as you, or a misreported late payment. It’s vital that you get copies of your credit report from all three of the major credit bureaus—TransUnion, Equifax, and Experian—and look over them closely to see if everything is correct.

If you do find mistakes on one or more of your credit reports, you’ll need to contact the credit bureau and inform them. It’s a good idea to do this initially by phone and also in writing. Follow up to make sure the mistakes get resolved, and then continue to look at your reports every few months.

Fraud is always an issue

Another reason to keep tabs on your credit score is that credit card fraud is so prevalent. Criminals are constantly coming up with new schemes to steal your identity, use your credit cards, and even open new accounts in your name. If this happens, you may not know until it’s too late. That’s when signing up for a credit monitoring service is well worth it.

A credit monitoring service will immediately alert you if negative information is added to your credit report, allowing you to deal with it right away. Signing up for these services is easy, and often free or inexpensive. And doing it could keep you from having bad credit that limits your ability to be approved for the credit card you want.

See also

Q: Here’s How to Turn Bad Credit Into Good Credit

If your credit isn’t good enough, you won’t be approved for that loan you need. You also may not get the lowest interest rate on your mortgage, or the best rewards credit card on the market.

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Q: How to Avoid Credit Card Fees

Credit cards are a great tool for getting more from your money. With 0% promotional APRs, credit card rewards, and balance transfer offers, there are many ways to stretch your dollars and pay off debt.

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Q: How to Find the Right Card to Mend Your Credit

Finding a credit card when you have poor credit isn’t always easy. In fact, in can be downright frustrating. But in order to lift your credit rating out of the cellar—otherwise known as a subprime rating—you must find a credit card and prove that you are a trustworthy borrower once again.

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Q: How to Lower Your Credit Score in 4 Easy Steps

Are you tired of reading about how important it is to have a good credit score? Well, maybe you’re right. Maybe you don’t care if you get the lowest interest rate on your mortgage, or whether you’re turned down for a rewards credit card that offers free flights and hotel stays. Even the prospect of a potential employer or landlord checking your credit doesn’t faze you.

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Q: Use Credit to Improve Your Credit Score

If you have bad credit, using a credit card might be the last thing you want to do. You may have sworn off credit cards, thinking that the best thing you can do is stay far away from credit.

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