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Credit Score Monitoring


Maintaining a strong credit rating is something that most Americans understand today. So more and more people are engaging in credit score monitoring to help protect their precious credit standing.

Others who have seen a dip in their credit scores due to the impact of the current economy or the subprime mortgage crisis have all the more reason to monitor their credit worthiness.

If you have been hit hard by the economic recession and have found yourself in the position of having to look for a new job, then you will want to keep close tabs on your credit rating because so many employers do credit checks before hiring a new employee.

If you are looking to rent a new apartment or home then expect that the landlord will do a credit check before approving your rental application.

Utility companies and cell phone companies do credit checks.

One item that has changed and is really taking a bite out of everyone's funds for poor credit is insurance on cars and homes. Poor credit ratings can cause an insurance premium to easily double in cost.

With so many people struggling financially as it is there is no need to add an extra burden because your low credit scores.

Your credit scores may be impacted by errors or inaccuracies in your credit file so you should be very diligent in monitoring your credit report and scores. Credit reporting agencies update millions of credit history files almost daily and it stands to reason that they are not perfect and you stand a high chance that an error can be made in your credit file.

It pays to try to catch any errors early before they gain age and impact your credit scores even more.

If you use a credit monitoring service then they will handle watching your credit file for you and will generally email you when there is any shift in your credit scores. Then if you haven't engaged in any activity that would have caused this shift you will be able to use the monitoring service view your credit report and determine the reason for the change in your credit scores. If this is an error you will be able to jump on this problem immediately.

Identity Theft

Many people do credit check monitoring due to the threat of identity theft. In many cases identity theft is done by a family member or friend and not a total stanger.

An example is when a couple's daughter used the mother's social security number to have the utilities turned on at her new apartment and then didn't pay the bills on time. She had given the address of her new apartment so the parents never knew this had happened until they went to purchase a new home and their credit report was pulled by the lender.

Another relationship reason to automate monitoring of your credit file is divorce. Many people will verbally agree that one party of the divorce will keep and continue to make payments on a joint debt, such as a car. When that party does not keep up the payments, or makes them late, then it negatively impacts both parties credit scores. Often times this lack of payment or late payments go unknown to the other party of the divorce until it has caused a huge drop in their credit scores.

Monitoring one's credit history is a very important component of financial literacy and health.

For additional information on how to read your credit report, how you can write correction or dispute letters concerning credit items that you find on your report that are incorrect visit: Learning About Your Credit Score.

 

 

 

 

 

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