5 Reasons to Check Your Credit Report

check your credit report

An effective way to monitor and manage your personal finances is to check your updated credit report. However, when was the last time you checked yours? According to a recent joint survey by iMoney and CTOS, a worrying 67% of respondents have never checked their credit report, while 52% don’t even know what affects their report. Here are 5 major reasons to check your credit report:

1. It’s FREE
Why pass up a freebie, especially when it could help you understand more about your financial and credit health? Your credit report contains crucial information, including data that banks can see about you – remember that this could affect important things like your loan applications and more. Get your free credit report at https://ctosid.ctos.com.my

2. It’s an important step in rebuilding and maintaining good credit
Reviewing your credit report regularly will help you make sure it’s in good shape when you’re ready to apply for new credit and enable you to monitor your progress if you’re recovering from past credit issues. This is a great initial step to take to improve your financial and credit health – by first identifying the problems.

3. It’s highly useful in helping manage your finances
It’s a good idea to review your credit report just like you do your bank statements and credit card bills. Managing credit, keeping track of your expenditure and putting aside savings are all essential to being financially successful.

4. It’s often the first indicator that you are an identity theft victim
If you notice names you don’t recognize, ID numbers that don’t belong to you or accounts that aren’t yours, you may be a victim of fraud. Checking your MyCTOS Credit Report regularly can help you stop the credit fraud and prevent future misuse of your identity.

5. It’s the first step in correcting any information you feel is inaccurate
If you notice any mistakes, your personal credit report comes with instructions for submitting disputes, as well as contact information including a toll-free telephone number, Internet address and mailing address. Contact us and we’ll help you make the required changes if needed.