There are so many mistakes that happen in terms of credit reports. You need to review your credit to ensure that these mistakes are not going to be a threat to your credits. By reviewing your credit report, you are going to flee from costly errors that occur as a result of these mistakes. In a study that was done sometimes back, it was discovered that more than half of the credit reports that were checked had errors. On other similar but different studies, the same results were achieved only that in the latter study, the errors increased up to three-quarters of the credits that were checked. These errors occur when people with similar names or similar account numbers have their details recorded on the credit profile of other people.
It is important to review your credit report so that you can have information on your history of payments. Most lenders inquire about your history of payment before they can lend you their money. You should, therefore, ensure that your history of payments is correctly and accurately reported to avoid such incidences.
Reviewing your credit reports also help you protect your account against any potential identity theft. Identity theft may be as a result of fraudsters who take advantage of the information they have about you to steal your money from you. Most of these cases happen when another person identifies with your details and this includes your name and the number of your account.
You should ensure that your minimums are authorized. You should always write to the bureau and also to the organization that made the inquiry in order to let them know that you are not the one who authorized the inquiry. You should ask them to remove these inquiries from your credit file. Potential creditors are usually in a capacity to regard many inquiries within a period of one to two months as a negative and this may result to refusal to increase the amount of credit you receive. Read more now on this link: https://thecreditreview.com.
Reviewing your credit report enables you to remain on the top of your credit without hurting the score of your credit. Your score and grade in terms of the credit report are what will be used to analyze your credit risk depending on the history of your credit. Credit score usually ranges from three hundred to nine hundred. Those who have a score between six hundred and forty to seven hundred are believed to perform excellently. Those who have a score below five hundred are considered to be at risk of not receiving a loan.
Having a higher score will enable you to get the best rates on both loans and credit. Click here for more: http://money.cnn.com/2017/05/08/pf/credit-score-tips/index.html.