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What are Credit Reports and Why Should People Keep Monitoring Them?

It is essential for people to keep track and monitor their credit report through reporting agencies such as Equifax, Experian and Clear Score. These companies collect your information regarding the types of credit accounts that you have had previously, as well as your payment history and other information such as your credit limits. Whilst each company may collect slightly different information, Experian in particular specialises in collecting and analysing credit data to generate credit reports and credit scores for consumers.

Why Should People Keep Monitoring their Credit report?

Constantly monitoring your credit report is a good practice to help protect your financial identity and ensure the accuracy of the information being reported. If you want to be able to monitor this information a lot more efficiently, there are a few ways in which you can do this. By setting up one of the credit monitoring services, it can provide continuous access to your credit reports and credit scores. These services often come with a monthly fee, but offer real-time updates and alerts about changes made to your credit reports, helping you to stay informed about any suspicious activities. These can be in the form of apps as well, making access to your details a lot more efficient, in some cases being a free service, but offers less security of your data.

Credit Reports Information:

Credit reports contain your personal information, any previous credit accounts you have had, public records which can include when or if you have applied for bankruptcy beforehand, your credit score and account status. Your credit score is a number which most creditors use when seeing if you can repay the debts that you have agreed to, but they also look at the credit reports as a main source of information on your accounts. Credit reports are often used by employers, landlords, lenders and other sources as a way to assess a person's creditworthiness, which is their ability and likelihood to repay back the debts that they have agreed to. These credit reports are tracked incase of any form of fraud or money is stolen, with people tracking their money they can find these scams much quicker and stop them before their money is stolen. In case you are dealing with a fraud, or want some extra security on your credit reports, you can ask your creditor to take additional steps to verify your identity before extending credits in your name. Fraud alerts are mostly free and can be renewed every 90 days. Another way to stop these frauds is by placing a card freeze on your credit reports. A freeze restricts access to your credit reports, making it a lot more challenging for identity thefts to open up accounts in your name. You can also lift this restriction temporarily when you need to apply for credit. Overall credit reports are essential when monitoring your finances, allowing lenders to quickly assess and evaluate your credit report, before extending credit to you. As well as this people should keep monitoring their credit to ensure its accuracy and if there are any potential threats or fraud taking place.

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