Here at Credit Savvy, we’ve heard of so many reasons why people don’t want to check their credit report. “It’s going to lower my credit score.” “I’m afraid it’s going to be bad so it’s best if I don’t know.” Don’t let the fear consume you, take control of your credit reputation today.
Let’s check out 5 reasons you should monitor your credit report:
It won’t hurt your credit score
First and foremost, checking your credit report will not affect your credit score. When you check your credit report, a soft enquiry is recorded on your report. Soft enquiries are not factored into credit scoring models and do not affect your credit score. Hooray!
To spot errors
Mistakes happen, even on your credit report. A credit provider could have recorded a credit enquiry that you didn’t make or recorded an enquiry twice by accident. If you spot an error on your credit report, get in contact with the relevant credit provider. They’ll be able to correct it for you at no cost.
Read more information on what if the information held on me is wrong?
Identify problem areas
Have you applied for too many credit cards recently? Have you missed one too many bill payments? You may not realise but you’re potentially lowering your credit reputation. Monitoring your credit report can help you get a sense of your strengths and weaknesses when it comes to credit and can help you identify any problem areas you might have. Our credit knowledge centre is full of factual information on credit scores and reports.
Stop identity thieves
If you see an entry on your credit report that you don’t recognise or have no knowledge of, it could be that someone has used your identity to apply for credit. Your first reaction is probably, “Oh no! My identity has been stolen! What should I do? Help!” Stay calm, don’t panic. Get in touch with the relevant credit provider and the credit reporting body to alert them of your concerns so they can investigate the matter and have your credit report corrected.
Who doesn’t love a freebie? I know I do! You’re entitled to a free copy of your credit report from each credit reporting body in Australia once a year. But the easiest way to track and monitor your credit report is with a monitoring service like Credit Savvy. Credit Savvy gives you ongoing access to your Experian credit file information and alerts you when there are any changes – all for free!
So what are you waiting for? Check your credit report today to find out where you stand.