Why Should You Get a Free Credit Score?

                There are many reasons why you should get a free credit score report as soon as you can, the biggest reason being that identity theft is on the rise.  Since identity theft is such a huge issue that can have a big negative affect on your life, it is important that you know exactly what is on your report, and where your credit score stands.  Other good reasons that you should know your credit score have to do with loans you may be looking to get in the future, and making sure there aren’t any inaccuracies on your report.

                Many people underestimate how easy it is to have your identity stolen.  The government estimates over 10 million people are now having their identities stolen each year.  It is the fastest growing crime and can go unnoticed for such a long time because people don’t bother to get a free credit check to see what is on their report. The quicker you are able to get a free credit score report, the sooner you will be able to deal with any potential identity theft, or if everything looks to be ok, you’ll at least get the peace of mind of knowing your credit is safe.  

                In order to get the best rate on a loan, whether it would be an auto or home loan, it is important to have a good credit score.  Your credit report can tell you what the banks will think of you, whether you have a high debt to income ratio, or if you have very little credit history, or at worst, something like a collection agency debt.  By knowing what is on your free credit score report,  you can be ready when the bank asks you about previous loans or about collections.

                Sometimes, there is information on your credit report that either is not yours, or may be from a collection agency that isn’t legally able to collect on the debt. Things like this can really hurt your credit score, which is why it is a great idea to check your credit score at least a few times a year. All three of the major credit rating agencies allow you to dispute things on your credit report that are not correct. If you have several collection accounts on your credit report, disputing them can likely get some of them off of there, allowing you to raise your credit score. The last thing you want is to find out you were denied a loan because of someone else’s mistake, especially one that could have been easily fixable if you just ordered a free credit score report.

                A good credit score will usually lower your interest rate on loans as well,  as banks see you as a much lower risk and therefore offer you a much better rate.  

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