Credit Information Back to all articles »

Free Credit Reports: Is Checking Credit Once a Year Enough?

Is reviewing your free annual credit report enough?

Once a year, you are eligible to receive a free credit report from each of the major credit bureaus (TransUnion, Experian and Equifax).

Be sure to take advantage of this. By checking your credit report, you can:

  • Correct inaccurate account information
  • Catch fraudulent activity under your name and social security number
  • Get an idea of how lenders will view your credit applications

But is checking your credit report once a year enough? In most cases, the answer is no.

Your credit rating plays a role in determining if you will qualify for a loan, receive low interest rates, and be able to rent an apartment.

If you wait a year to check your credit report, your credit may be damaged by the time you catch errors or fraudulent activity.

Stopping identity theft before it ruins your credit

Identity theft is on the rise.

Technologically advanced criminals can use your existing lines of credit or open new credit accounts in your name. Just a little bit of personal information is all they need to steal your identity and ruin your credit.

If you wait a year to check your credit, you may not realize that your identity has been stolen and the accumulated unpaid debt could greatly damage your credit.

The more fraudulent activity in your name, the more difficult it will be to restore your credit when you discover the problem.

Don't let an ID thief ruin credit. Check your credit report more than once a year.

Correcting errors early and saving yourself money

Although potentially not as devastating as identity theft, errors on your credit report can affect your ability to get loans, including a mortgage.

Human error and computer glitches can cause incorrect account information to be posted to your credit report. These inaccuracies can hurt your credit and cause you to pay higher interest rates than necessary.

If you don't check your credit report regularly, you could be throwing away money in higher interest charges.

Protect yourself with affordable daily credit report monitoring

Monitoring your credit report more often can take up a lot of your time and may become overwhelming. However, you can have the peace of mind of daily credit report monitoring without the headache.

With a PrivacyGuard membership, you will get daily credit monitoring, monthly credit score tracking, identity fraud support, and so much more. Protect your credit - enroll today.

Back to all articles »