Frequently Asked Questions:
Why should I check my credit report?
The information on your credit report can be used to determine whether or not you are able to buy a new car, rent an apartment, get a loan, or qualify for other credit. By monitoring your personal credit report, you’ll stay informed about your current credit status. You’ll know which businesses and creditors have requested to view your credit report, which new accounts have been activated in your name, and whether or not derogatory information has been added. Checking your credit also allows you to be alerted to information that may have negative, long-term effects on your credit history — such as excessive inquires and possible fraud.
By checking your credit report, you can discover possible inaccuracies in your credit history. Correcting inaccuracies ensures that your credit report is current and correct, which in turn helps speed the processing of your credit requests.
How often should I check my credit report?
Many financial experts agree that you should check your credit report at least once a month. Creditors generally send updates to the credit bureaus once every month. Therefore, your account information should be updated once a month as well. If you are expecting an important change in one or more of your accounts, or if you are closely monitoring your credit history, you may want to check your credit report more often.
All creditors do not send updates to the bureaus on the same day. The credit bureaus are constantly receiving updates. There is no easy way to tell exactly when a creditor will send new information to the bureaus, or when the bureaus will update their databases. However, it is common for the same creditor to update records on the same day of each month. Thus, it is beneficial to choose the same day each month to check your credit report.
What should I look for on my credit report?
Check your basic information such as name, address, social security number. Also, check for accuracies or inaccuracies in new accounts opened, derogatory items that are out of date or are incorrect and the number of inquiries into your credit file.
Will checking my credit report hurt my credit score?
No. You can check your own credit report as often as you would like without negatively affecting your credit score. Only inquiries from creditors are documented on you credit file.
