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Consumers are entitled to one free credit report each year from each of the three credit reporting agencies. While your credit score is not included in the free report, you can get it for a nominal fee. Many individuals wait until they are ready to make a major purchase before getting a copy of their credit report. However, this is something that all consumers should do on a regular basis. There are several reasons for this.

One of the most important reasons to get a copy of your credit report on a regular basis is so that you can make sure all of the information it contains is correct. Incorrect information can lower your credit score and cause you to be turned down for credit. If you do find inaccuracies, there is a dispute process that you can start immediately in order to rectify the situation.

With identity theft at its peak, it is a good idea for everyone to keep a close eye on their credit report. This way, if anyone tries to get credit in your name, you can find out about it before it gets out of hand. Many individuals have enrolled in credit monitoring services for this reason. Credit monitoring services will notify you immediately when there are certain changes to your credit report. You can even sign up for email or text message alerts.

Keep in mind that your credit score decreases when there are multiple inquiries made by someone other than you. This often happens when consumers apply for several credit cards or other types of credit. For this reason, it is a good idea to have a recent copy of your credit report with you when you are about to apply for credit. Perhaps you are shopping for a new car or another major purchase. Instead of allowing the salesperson to pull your credit report, show them the one you have pulled. Although they will still have to run a credit check, only allow this after you have struck a deal. They can make a decision based on the report you show them and then you can sign the papers after they pull your credit report.

Following the above advice will ensure that you do not have multiple inquiries on your credit report. This is one of the things you can control when you are trying to improve your credit score or even if you are just interested in maintaining your score. If you do need to improve your credit score, the first step is to obtain a copy of all three of your credit reports. While they are similar, one or more of them may contain information that the others do not contain. This is because different lenders report to different credit bureaus. Some of them may report to all three bureaus, while other lenders may only report to one of them. Getting your report from all three agencies will ensure that you have the most up-to-date information in your credit file.

Determining whether to extend credit is not the only reason people check credit reports. Potential employers also run credit checks when deciding whom to hire. While you do not have to agree to this process, you run the risk of being cast out of the applicant pool if you refuse to give your permission. For this reason, whether or not you are currently planning to change jobs, it is a good idea to stay on top of your credit score and work to raise it if necessary.

Some insurance companies also check credit and base your premiums, in part, on how high your credit score is. If your credit is less than stellar, it may be a good idea to do business with insurance companies that do not check credit.

Consumers applying for apartment or housing rental leases also need to stay on top of their credit reports. Most of these entities check credit and you could be denied housing if your score is not high enough.

Even when you have all the credit you think you could possibly need, it is still wise to monitor your credit report. Many lenders continue to check the credit files of borrowers and they may reduce your available credit or impose higher interest rates if your credit score falls during the length of your loan or revolving credit. This can be very disconcerting, especially when you have plans for credit for which you have already been approved and then find that it is no longer available to you.

As you can see, there are numerous reasons for monitoring your own credit. By getting copies of your current credit reports and continuing to monitor your credit file, you can maintain your good credit record. If you need to improve your credit score, the first step is to obtain a free credit report. Look over the report carefully and immediately file a dispute if you find inaccurate information.