How can a free credit report be worth thousands to you? By giving you a heads-up about how the world views your financial reputation, and giving you time to make needed changes before you need credit.
Your credit scores dictate the kind of terms you’ll get when purchasing a home – or even when purchasing a car, appliances, or furniture. So taking steps to ensure that score is high well before you need to apply for credit will save you thousands of dollars in interest over the years.
You may be thinking that you pay your bills on time and don’t owe an excessive amount, so of course your score will be just fine. And you might be right – but not necessarily.
Your credit report could contain errors – and if it does, it takes a few weeks to a few months to correct them. Remember that old saying about computers: “garbage in, garbage out?” Well, when it comes to data entry, it’s very easy to put “garbage in.” Most data entry personnel are minimum wage workers who don’t really care about accuracy. They just care about putting in their time and getting a paycheck.
If they enter one digit wrong on a social security number or a credit card account, so what? So plenty if you’re the person whose credit report now shows an unpaid account that doesn’t even belong to you! And that’s just one example of the errors that can occur.
The second, even more terrifying reason why your credit report could be inaccurate is identity theft. “You” could be thousands of miles away, opening new accounts and running up balances with businesses you’ve never even heard of.
Reading your free credit report will either give you peace of mind or spur you to action:
• If there are accidental mistakes, you’ll have to prove that they really are mistakes.
• If some other person is using your identity you’ll have to get started on all the red tape of stopping them, and then getting their transactions removed from your credit report.
Both of those situations require time, so get started watching your credit scores long before you need them.
Even if you don’t need new credit today, or even this year, keeping an eye on your credit scores right now will save you from frustration, delays, and disappointment when you do need it.
Request your free credit report today – you won’t be sorry!
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