Check My Credit Report – The Essential Reasons Why It Is Important To Check
Credit scores and reports are what can help turn the house of your dreams into the home that you live in. Having a score in a certain range provides limits that you may not want to set for yourself. While on the other hand being able to check your score allows you to be able to know where you stand before you need to make a purchase.
Before you can really understand why it is so important that you check you credit score you need to understand what your credit score actually is. Your credit score is a number that represents how likely you are to be able to repay the amount that you are borrowing. It takes into consideration the debt that you have, your payment history, the type of credit you already have and the length that you have had that credit available to you.
Credit scores are based on a 300 to 850 point scale. If your credit is below 300 you are in the high risk category and will probably not be considered for a loan or credit card. A score of 640 or above leaves you in the decent range and 650 is considered to be average. IF you have a score at or above 690 your credit is considered to be excellent.
One of the first reasons that you would want to make sure that you check your credit report is so that you are always aware of where you stand. Knowing your credit history allows you to make better decisions. If you are someone who has a low credit score you should already know that you need to get that up by eliminating some of your debt before you apply to make a big purchase such as a house or car.
The other thing that checking your credit report provides you is knowing what you have listed in your name. Since identity theft is an increasing issue checking your report on a regular basis can be vital to your score. If someone has taken out an account in your name, the more often you check your report the quicker you will catch on to this issue.
Checking your credit report is something that we should all do on a consistent basis. This number can prove to be the difference between a new or used item or buying or renting a house. Check your scores often to make sure they fall in the acceptable range to keep all your options and wishes open to you.
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