Reasons for Maintaining Solid Credit

Think Credit Reports offers consumers credit data reports from all three major credit bureaus. For more than five years, Think Credit Reports has also provided users with quarterly credit score refreshers for no additional charge.

There are a number of reasons indiduals should stay up-to-date on their credit score, as a poor score can cause a number of issues. Buying a house or car are two of the major purchases that require good credit. In both instances, consumers will likely be signed up for a payment plan that will last many years or even decades. A solid credit score indicates that an individual has a history of making timely payments. Starting a personal business is another example of when a reliable credit score can come in handy, as a variety of loans may need to be taken out in order to launch a start-up. Investors may even be interested in a young entrepreneur’s credit score before bankrolling a new project. Lastly, a good credit score can land an individual lower interest rates when seeking any type of financial assistance.

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The Importance of Regularly Checking Credit Reports

A premium provider of personal credit information, Think Credit Reports provides members with daily credit monitoring and regular credit reports from the three credit bureaus – Equifax, TransUnion, and Experian. Recognizing the growing threat of identity theft, Think Credit Reports’ 24/7 credit monitoring keeps members aware of any changes or problems that may show up.

Regularly checking credit reports is important for several reasons. According to CBS News reports, around 80 percent of reports have errors, including everything from misspellings to incorrect Social Security numbers. Errors also occur when creditors report incorrect information. By regularly checking their credit reports, individuals can correct a problem before it causes major damage to their scores. Mistakes can be disputed with both the creditor and credit bureau by simply sending a letter explaining the details.

Checking credit reports also allows individuals to spot any incorrect debts. Unrecognized debts are typically a sign of identity theft, but may also be a sign of debt error. When identities are stolen, the victims are often unaware of the problem until the damage has been done. By regularly checking credit reports, signs of identity theft are found early on, allowing the necessary action to be taken. Solving these problems early on makes preventing future fraud easier.

Monitoring and Correcting Credit Reports

When Think Credit Reports entered the credit monitoring service field more than five years ago, its leaders knew they had to offer services that allowed their members to manage their credit proactively, as well as an instantaneous way of responding to potentially fraudulent new information the minute it was added to their credit profiles. Thus, the firm offers its members full reports and credit scores from each of the three major credit reporting bureaus, not just one. In addition, Think Credit Reports monitors each member’s credit profile in each of the three credit bureaus, and immediately alerts them by email or text message when any new information is added.

There are several reasons consumers should monitor their credit reports. Banks and credit card companies rely on credit reports as their prime source of information when determining whether to extend credit, and by how much. More and more employers also review their employees’ and applicants’ credit reports, even when the jobs involved have nothing to do with money. Likewise, insurance companies are increasingly reviewing their clients’ credit and cancelling or denying insurance if the credit score is too low. Finally, identity theft, which remains a growing problem, can ruin a person’s credit and make it impossible to qualify for credit or even a job.

Consumers who are planning a major purchase, such as a car or a house, should obtain all three of their credit reports and review them thoroughly. Federal law requires the credit bureaus as well as the companies that report credit information to them to correct any inaccurate information. The credit reports themselves will include instructions on how to request that inaccurate information be corrected.

With the busy schedules and many distractions faced by today’s consumers, it’s easy to let credit report monitoring fall between the cracks, only to find out too late that inaccurate adverse information on a credit report is standing in the way of buying a new house or car. Information on engaging the services of Think Credit Reports is available at the firm’s website, http://www.thinkcreditreports.com.