Reading a credit report can be confusing and frustrating. That’s why one of the services we offer at Prosperity Connection is a credit report review! This short, one-time appointment provides personalized tips for improving your credit without the time commitment involved with our financial coaching. Here are 5 reasons we recommend this valuable service!
1. Identify Errors or Inaccuracies
A credit report review lets you check the information listed and ensure its accuracy. This can help you identify errors such as incorrect credit limits/balances, collections for accounts you don’t recognize, and incorrect personal information. These mistakes on your credit report can hurt your credit score and affect your ability to get loans. Correcting these errors can prevent potential damage to your credit and save you money in the long run.
2. Prevent and Resolve Identity Theft
Checking your credit report regularly can help spot signs of potential identity theft and other forms of fraudulent activity. If you notice things like accounts you never opened or inquiries from creditors you don’t recognize, there are steps you can take to stop the theft and prevent further damage. No matter when you “catch” it, it’s important to know so you can start taking the steps to recover because, unfortunately, it can take a while and you don’t want to be caught by surprise when you’re sitting down to make a big purchase.
3. Improve Your Credit Score
Your credit report includes information that is used to calculate your credit score, so reviewing it regularly can help you identify factors that might be impacting your score. Your credit score is important in determining your ability to get a loan or new line of credit. It also impacts the interest rates and terms you receive on that product. Improving your score increases your chances of approval and receiving favorable terms, saving you money in the long run! And everyone wants that, right?! This becomes especially important as you prepare for significant purchases, such as a home or car.
4. Stay Informed and Empowered
Regularly reviewing your credit report helps you stay up-to-date on your financial situation. It also allows you to understand how your financial habits and decisions impact your creditworthiness. By staying on top of your credit report, you can make informed choices, manage your credit effectively, and work towards achieving your financial goals.
5. It’s FREE (and won’t hurt your credit)
Now you’re probably thinking ‘This sounds great…but how much will this cost me?’ Well, we have good news – this service is completely FREE for you! As a nonprofit organization, Prosperity Connection receives funding from very generous donors. That means we can offer our services to you at no charge! And to sweeten the deal even more, we have two bonus perks. First, we provide a copy of your FICO credit score which is used by 90% of lenders. Very few banks/services provide this at all, let alone for free, so that’s a big deal! Second, NONE of this hurts your credit because we’re able to do a ‘soft pull.’ That means no inquiries will show up on your credit report, and your score won’t be impacted at all!
In short, checking your credit report regularly is a great way to save yourself time, money, and stress in the long run because you’re staying on top of your financial health. So, have we convinced you yet? Sign up here to take advantage of this helpful and informative service!