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Why you need to be vigilant on your credit report

August 6, 2013 by · Leave a Comment 

Theft of credit information is becoming a problem in the U.S. Most vulnerable are the older generation. This makes a compelling reason to be vigilant on your credit report. You can get a free copy of your credit report from each of the credit reporting agency once a year. Stagger it throughout the year and obtain a report from Equifax, Experian and TransUnion.

What to look for in your credit report? According to the Federal Trade Commission one in every five report contained an error. The American Credit Counseling reports that 15 percent found charges listed in their credit report that doesn’t belong to them.

Identity theft is becoming an epidemic in the U.S. It is a more compelling reason to check your credit report periodically. In 2012, more than 19 percent of persons over the age of 60 became victim of an identity theft according to the Federal Trade Commission.

If you are facing difficulties with paying medical bills and co-signed student loans for your kids and grand- kids, you may want to check your credit report to see any impact. Before applying for a new credit card or an auto loan make sure to check your credit report for errors because it can affect your interest rate.

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