10 Reasons Why You Should Check Your Credit Report | Refresh Financial

10 Reasons Why You Should Check Your Credit Report

 10 Reasons Why You Should Check Your Credit Report

It's estimated that more than half of Canadians never check their credit score. Many of us still believe the misconception that checking your credit score will negatively impact it. The truth is, checking your credit score is crucial to improving your credit. Here are 10 reasons why you should check your credit report:

1.Fraud

Regularly checking your credit report will enable you to catch any suspicious charges or accounts that you don't recognize. Unfortunately, credit fraud exists. You can have your card info stolen when you use an ATM, when you pay at any store, or even when you purchase things online. There are many ways to reduce this possibility, but the best way is to check your credit report often and dispute anything you don't recognize.

2. Identity Theft

- If someone manages to steal your identity to open new credit cards and other accounts, you probably won't notice until these accounts get sent to collections. You can catch it much sooner if you have eyes on your credit report.

3. Errors

- Sometimes honest errors can occur on your credit report, but you'll only catch them early if you make a habit of checking your credit report. A single error can impact your credit report, which is why it's important to contact the creditor or credit bureau as soon as possible to get it fixed.

4. Outdated Information

- It's important to know what information is listed on your credit report so that you can confirm your identity without causing any raised flags. If your address has changed, or maybe your employer or your phone number, you need to be able to confirm that that information is up to date on your credit file.

5. To See Where You Can Improve

- Your credit report will help you pinpoint the areas that need improvement. If you want to start rebuilding your credit, you don't need to shoot in the dark! Let your credit score show you exactly what you need to start working on.

6. To Know When You Should Apply For Credit

- A strong credit score allows you to qualify for better interest rates! A quick glance at your credit report can show you if it makes sense to apply for a new credit product, or if you should take some time to rebuild.

7. It's Free

- As a Canadian, you are entitled to one free credit report from each of the credit bureaus every year. You can also make use of the free credit report service, Credit Karma for credit report monitoring. It's all free if you don't mind the odd advertisement!

8. It Doesn't Hurt Your Credit

- Contrary to what many Canadians believe, checking your credit report will not damage your credit score. Viewing your own credit report is what's called a soft inquiry. Only hard inquiries can have the ability to affect your score.

9. You Know Where You Stand

- It's far better to know than to fear what is unknown. Once you know where you stand in the world of credit, you can make an educated decision on what to do next. For example, if your credit score is poor, you won't waste time trying to apply for any new credit products.

10. It's A Crucial First Step

- Checking your credit score is among the most important steps towards building a better financial future. It shows you what you can start working and it gives you a starting point in the rebuilding process!

Checking your credit report is important for so many reasons. If you've been avoiding it because you're afraid of what you might see, it's time to tear the band-aid off! Get it over with. Once you do, you'll know that you have taken the first step towards a better future. If you're interested in building your credit score, take a look out Refresh Financial's secured savings loans! They're the fastest and most effective method of rebuilding a damaged credit score! Click here for more info.

When was the last time you checked your credit score? Let us know in the comments!

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