The importance of checking your credit report

If you are like most people in Cook County, you understand the important role that a credit report plays in your life. Yet, we know here at Ledford Wu & Borges LLC that you probably don’t check that report very often. Failing to check that report, however, could hurt you as there may be incorrect information on it.

With the commonality of identity theft, it is easy for people to open accounts in your name. They may use a different address or employment information, and this false data could get transferred to your credit report. By looking at the report, you can discover the illegal activity, take immediate steps to report it and work with the appropriate agencies to have it removed. This way, it won’t cross over into a collections issue, which can hurt your credit and require more time to fix.

Checking your credit report also gives you the chance to make sure that your name and contact information is accurate. This is important because if there is ever a question that creditors have, they have a way to reach you. It also prevents unnecessary delays when you apply for a loan or other credit, and the check comes back with a discrepancy.

Understanding where your credit rating currently is will help you put together a plan if it is on the lower end. It will also allow you to determine whether you should or should not apply for additional credit, or what your chances are of being approved. By reviewing your report, you can monitor the health of your credit rating and make sure that as you pay off debt, it is reflected in your score. It is not uncommon for old debt to remain on a credit report long after it has been resolved. For more information regarding the information on a credit report, please visit our web page.

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