Free Annual Credit Report and Beyond

It is safe to say that life was probably much easier in the past, before computers came into our daily lives, supposedly to simplify them. Unfortunately, along with much of the good that computers and the Internet has brought, the technology also led to a huge amount of fraud, victimizing innocent people. Due to that, it is imperative for a consumer to be on top of his or her finances, ensuring that everything is as it should be. Checking your banking and credit card transactions each month should be common practice by now. However, that is not enough. You should also check your credit report.

You can get your free annual credit report from all three bureaus, and as the name suggests, this is done without any charge to you. However, all experts agree that checking it only one time is not sufficient because there is a lot that can happen in the span of a year, and so they recommend checking it at least twice a year. Of course, that will bring some added costs to you, but they could not be compared to the damage that could ensue if you became a victim of fraud.

In addition to this, it is imperative to check the credit score, which is added information and also known as a beacon score. If you are using your credit accordingly and paying off any financial responsibilities properly, then this credit score should be growing slowly. If there is a decrease in this number, then something might be wrong. The beacon score could drop if there have been several applications for credit made in your name, and if you did not apply for any new credit, then someone else may have.

When checking your personal information, it is imperative that you study the documents and keep them on file to compare with the previous ones. By doing so, you will not only learn if someone is trying to defraud you, but you can also learn how to use credit properly to build a solid name that can open up the doors to provide you with the financing you need for all your future endeavors. There are also some added perks that an individual can take advantage of which will come at a small cost, but well worth their weight in gold.

For instance, you may subscribe to a service that will notify you if any credit checks have been made in your name, meaning that you could be made aware of any fraudulent activity before it ever reaches the next level. That could save your reputation and possibly, even your lifetime savings, depending on the level of sophistication of the criminal. While protecting yourself to this degree may seem to costly or inconvenient, nothing can be more inconvenient or costly than being the victim of a fraudulent crime. If a criminal has access to your personal information, it could result in a devastating situation that could take years to recover from. Surely, you must see the benefit of being aware.

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