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Why Check My Credit Report?
Although experts recommend everyone review their credit reports twice a year to ensure its accuracy there are many other reasons to review your report. Listed below are a few reasons to review your credit report:
Errors - 1 in 4 credit reports contain a serious error that could lower your credit score and stop you from getting a loan, or one with the best terms (Source: Public Interest Research Group).
Identity Theft - Although it's a federal offense, identity theft seems to be on the rise in the United States and periodically reviewing or monitoring your credit report can help detect and stop fraud - hopefully before you need to use your credit.
Applying for a new credit card or credit line - It is always wise to check your credit report prior to applying to ensure there are no inaccuracies.
Divorce - You will need to evaluate your financial situation with your attorney. Be sure you check to see if there have been any accounts opened that you might not know about.
Bankruptcy - Ensure all your credit accounts are reported. Forgetting to include one account may cause you serious regret in the future.