Why is it important to review your credit report from time to time? An explanator

Credit point: If you are a credit card user or a loan lender, you should be aware of the role your credit behavior plays in building your creditworthiness. Based on your refund schedule, your creditworthiness tends to be positively or negatively affected, as the case may be. For example, if you repay credit card accounts and personal loan EMIs in time, it reflects positively on your creditworthiness. On the other hand, if you fall on repayments, your creditworthiness is negatively affected. Someone with high creditworthiness can negotiate for better terms and conditions relating to a personal loan. On the contrary, someone with poor creditworthiness finds it difficult to obtain a loan, at least on easy conditions. Your credit rating develops especially over time while demonstrating your financial behavior. Therefore, it is important that you keep a tab on your credit report and review it from time to time. Here we describe some of the main reasons for which it is recommended to review your credit report from time to time. Review your credit report for these three reasons: I. To correct errors and inaccuracies: Regularly reviewing your credit report is important to detect inaccuracies and dispute them as soon as possible, thereby ensuring that your credit II. Protection against identity theft: Your credit report is usually the first place where signs of identity theft become visible. Unauthorized accounts, fraudulent costs or loan applications in your name can occur if someone has illegal access to your information. By regularly monitoring your report regularly, you regularly enable suspicious activities early, allowing you to quickly take steps to protect your identity and financial security. Iii. Tracking your financial progress: Your credit report provides a detailed momentum of your loan and repayment habits. It shows key factors such as payment history, credit utilization and the age of your accounts, affecting your creditworthiness. Disclaimer: Mint has a fusion with fintechs to provide credit, you must share your information if you apply. These bonds do not affect our editorial content. This article only intends to educate and distribute awareness about credit needs such as loans, credit cards and creditworthiness. Mint does not promote or encourage credit as it has a set of risks such as high interest rates, hidden costs, etc.