Why you should check your Credit Report Today

Our financials are something that take up a lot of our time. Consider how much time you devote to ensuring that your checking account is right, how much time you spent each month paying bills and then looking over those investments that you may have. It can feel overwhelming. But, it is vital that you check your credit report today…waiting could become a huge issue that affects you greatly and takes time to pull yourself out of.

[Read: How to Keep Track of Errors on Your Credit Report]

check your credit report today

Why Your Credit Report should be checked

There are several reasons as to why you are going to want to check your credit report today. These reasons are going to pertain to anyone who is of age and who are building their credit:

  • If you have never checked your credit before, then today is the time to change this. It has been found that almost 20% of consumers have never checked their credit, and when they do they often find errors that could be lowering their credit score.
  • If it has been over one year since you checked your credit report, and more than likely you do fit this category as there are only 34% of the adult population who order a yearly report on their credit as they are entitled.
  • If you have plans on applying for a mortgage or another loan, so that you can prepared to see what types of offers you are going to qualify for. The credit rating that you do have is going to affect just how much companies will let you borrow, as well as the interest rate that is going to be charged.

You cane easily check your credit report today, especially if you have never checked before or it has been over a year since you last checked. Every year, each citizen is given one free run of their credit report. Thus, there is nothing that can stop you from gaining access to this free of charge.

A few other reasons why checking your credit report is something that you should do:

  • This is the first step is ensuring that your identity is safe
  • You can work off of this report to see what changes you should make
  • If you have been denied credit, the report can help to outline why this credit was denied

Information that you will discover from your Credit Report

Once you do decide to check your credit report today, there are several pieces of information that you can discover from this. This information includes:

  • Open accounts under your name, which will include the balance and the date in which the last payment was made. In many cases, you can also see when this account was opened.
  • The rating that you are given based on your credit
  • The amount of total debt that you owe is listed

With this information you can easily see what your debt situation is. This can tell you whether it is time to get some financial freedom through debt consolidation or simply planning your budget better. It can also help in identifying accounts that you may not be aware of, which is one of the biggest signals for identity theft being the problem. If you check your credit report today, you are going to be in a better place to see if there are problems, and how to solve these problems before they get to be too much.

What you Will Need to check your Credit

Several people who decide to check their credit are often surprised by what they find. Especially those who have not checked this in several years or who have never checked this information. If you are ready to check your credit report today, you are going to need some pieces of information:

  • Name
  • Social security number
  • Address
  • Email, in some cases
  • Other personal information such as phone or maiden name, for women

Here’s more information about Credit Reports and Scores

Do not be tempted with paying services that offer to check your credit report today for you. It is best to do this on your own so that you know specifically what is affecting you.

Once you have gained the information from the credit report, you can start to make any financial changes that you need to make. For example, if you are wanting to increase your rating, then start doing things that shows you are a responsible borrower. This can range from paying down the balances to not maximizing your lines of credit.

[Read: What Influences Your Credit Report Score?]

Your credit is the lifeline to your financial portfolio. With bad or poor credit, you will find it harder to borrow, while those with good credit often reap the benefits in other areas of their lives. For instance, getting a lower rate on insurance as they have probed that they are a dependable and financially responsible person. There is no one that does not want to be considered credit worthy in the eyes of lenders, and the first step in getting here is through checking the credit report on yourself.