Monitoring your Credit Rating - Why, When, and What to Do about your Credit Rating?

There are many things you should know when it comes to your credit and there are many things that you probably have no idea about right now. You should constantly be monitoring your credit rating and the one thing people do not understand is that if you do not have the time to do this you can pay a company a small monthly fee and they will do it for you. Here are some tips to help you make sure you and your credit are protected.

1. Why do you want to monitor your credit?

Your credit is what will get you not only financing for a larger purchase, but also it could be the deciding factor between getting a new job or not. Plus more insurance companies are starting to check credit and they are charging more for those that have bad credit compared to those with good credit. Also, by monitoring your credit you can make sure your identity is not stolen and if it is you will know right away.

2. When should you monitor your credit if you do it yourself?

If you are going to take on this task on your own, then you need to pull all three of your credit reports every quarter. This means you will be checking your credit 4 times a year. You want to compare all your reports each time and look for mistakes and things that do not belong.

3. What to do if something is not right on your credit?

If you do find something on your credit report that is not right you can fix this by writing a letter to dispute the item on your credit report. With most of the bureaus you can dispute any items on your credit right online. This will force the company that reported the item to update it within 30 days. If it is still not right and you can prove it, then you will want to send copies of your proof and another letter to both the credit bureau and the company that reported.