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Your credit score impacts all areas of your life, from the home you live in, the interest you'll pay on your car, and even how much you can borrow. Therefore, it's important to frequently check your updated credit score to rebuild and maintain as needed. Here are three reasons why you need to know your updated credit score!
About one in four people identified potential errors that might affect their credit scores, according to a study by the Federal Trade Commission. While unfortunate, human errors do happen, and therefore it's imperative that you frequently check your credit score to uncover any mistakes. Most commonly, you may find that your report includes information from someone else's report (known as a mixed file), which can affect your credit and take weeks to correct. Instead of waiting to review your file until right before applying for a loan, by keeping an eye on your account, you can ensure all information is correct and quickly file a written dispute to your credit reporting company if needed.
Cosigns Affect Your Score
While you may be a pro at paying your bills on time, others may be making small errors that are affecting your score. If you cosigned for your child's first car, for example, any late payments they have may provide a hit to your credit. Unfortunately, unless you're told of late payments from the cosigner themselves, you may not find out until you check your credit report. By monitoring your credit score periodically, you can make sure that all payments are paid on time and be aware of any shortcomings before they snowball any further.
Many Web sites like Credit Sesame provide free credit reports, allowing you to routinely review your credit score, any debt, and the interest rates you're paying on your home loan. With many reports being available in 10 minutes or less, there's no excuse for not setting aside 10 minutes every 6 months or so to check your report! Given good credit can save you money on car insurance, loans and more, this is a great way to stay on top of your score and work towards rebuilding credit as needed.