Government regulations say that each consumer is entitled to one copy of their credit report once per year. Many people request that once a year credit report. But, there are reasons to check ones credit more than once a year. Checking only once a year may allow false information to stay on a credit record for a long period of time before being looked into.
One of the reasons to check credit is because of identity theft, which is prevalent and growing in leaps and bounds. Not checking credit can have serious consequences that take time and money in order to straighten out. The nominal fee of $ 15- $ 25 that it takes to get extra copies of a credit record through the year is well worth it. Some companies that provide credit information also provide credit monitoring that will not let suspicious new accounts be opened. It will also inform their customer that someone tried to open an account in their name.
A credit score is not included in the free credit report that consumers are entitled to each year. Companies that provide credit reports usually offer access to credit scores. By monitoring a credit score throughout the year it's possible to see fluctuations. By monitoring these fluctuations consumers can get a good idea of how certain behaviors affect their score
Another reason to keep abreast of credit is because reporting companies are not perfect and sometimes mistakes are made. A bill that is reported as delinquent could have already been paid. If a consumer notices this, they can call the reporting company to adjust the mistake before it causes them to be denied credit.