To stay on top of your credit report, it is essential to be aware of the contents of your credit report. Why? Because checking your report is the most convenient way to review your complete credit history, and make well-informed decisions on all your past, present and future accounts. Also, it's a good idea to monitor your report for new derogatory information and unauthorized accounts that might affect your credit.

Studies have shown that many credit files contain inaccuracies, which could influence the approval process when you apply for loans, insurance, or even a job. Often the result of simple human error, they can be caused by anything from a clerical error to a computer glitch in which your file is mixed with that of someone with a similar name.

And that's not the only reason to check your report. In the past few years, identity fraud has risen dramatically. In this form of credit fraud, a thief takes over or opens accounts in your name, running up large balances in goods or cash advances. If you don't check your credit report, it could be months before you even hear about such a situation. Fortunately, new accounts opened by a thief using your identity will appear on your credit report, alerting you to the fact that identity fraud has taken place.

That's why it's essential that you check your credit file--and monitor your credit regularly--with resources such as the Credit Check Monitoring Service, which provides monthly online updates on new derogatory information that is added to your report, plus several indicators of possible fraud. And if you act right now, you can take advantage of a FREE 30-day trial of the Credit Check Monitoring Service, along with a FREE Credit Report delivered online, at no obligation!

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Information provided by iPlace.com is for informational purposes only and is not a substitute for professional financial or credit advice.