Here are some reasons why it's important to monitor your credit score regularly:
- Staying on top of your credit will help you to keep track of any unusual changes which can be a sign of fraud or a reporting error made by the lender.
- Checking your own score with Borrowell won't lower it, only hard credit checks such as when a lender checks your score for when you apply for new credit will impact you.
- Your score is a great predictor of your chances of being approved for credit and knowing where you stand can help you apply with greater confidence.
- Your score impacts the interest rates you'll get, if you know your credit score, you have more leverage to negotiate.
Your credit report reveals important information about your financial history and can give insights into why your credit score is the way it is.
A credit report allows you to:
- See any inquiries that have been made about your credit to help you prevent identity theft or fraud.
- See your personal information on your credit file.
- See information about your trades and accounts all in one place.
- Catch account/reporting errors made by creditors that may impact your score or your chances of being approved for new credit.