Why
You Should Check Your Credit Score
Introduction
There are many reasons to check your credit score, but mostly
that should revolve around the report itself. The score is
only a number, and all it does is tell you your risk level
as computer by the major credit reporting agencies. It doesn’t
tell you why or who has contributed what to your report.
Your Credit Score and Your Credit Report
So in addition to your score—and more importantly—you
need the report. Why? Because next time you get your electricity
connected, buy a car, apply for a credit card, order service
from a cell phone provider, or even apply for a job, your
credit report will likely be scrutinized. Even on existing
credit, the company may look at your recent history to decide
on increasing your credit limits.
Errors in Your Credit Report & Their Impact on Your
Credit Score
Unfortunately, your report can contain errors, and this will
bring your score down. If you check your credit score regularly,
you will know what sort of activity is contributing to it,
as well as whether it’s accurate or not. While only
38% of American’s know their credit score, it’s
estimated that over 70% of reports contain some kind of error.
|