When to Monitor Credit

When to Monitor Credit

Monitoring your credit is especially important if you are trying to build or repair your credit, like those just establishing credit, as a young adult, or perhaps a new resident of the U.S., and looking to build a credit history or are just working to clean up your credit.

Planning to make a Big Purchase: If you’re planning to buy a home in the next year or so, you need to know your financial standing before you start the process. This will give you time to identity and repair any mistakes if necessary.

After a Break Up: If you’ve recently split from your spouse, partner or a long-time roommate or significant other that you’ve shared accounts with, you need to pay off these joint accounts and close them immediately. If you don’t, you could get stuck with debt that they pick up even after you’ve parted ways. Until the account is paid off and the account is closed, you are both still responsible for any debt on the account. Even if you didn’t share accounts, but this person knows your personal information, you need to be vigilant with credit report monitoring and keep a close eye out for accounts that he or she could open under your name. If that does happen, you’ll need to report the theft and place a fraud alert on your credit report.

Concerned about ID theft: If you’ve lost or stolen your wallet, have been receiving collection calls on accounts you weren’t aware of, or have been denied credit, you may have fallen victim to ID theft and should check your credit report immediately. Get your credit reports online and review it carefully for any errors, accounts you didn’t open, inquiries you didn’t have made or debts you weren’t aware of.

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