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Credit Score

Checking your credit score is an integral part of managing your finances. Most credit companies provide a free yearly report which you can take advantage of. Sadly though, many Americans admit that they don’t actually check their credit score.

However, it is important to check your credit score because:

• The report may contain errors or inaccuracies. These inaccuracies can have significant bearing over your financial standing and your ability to make significant loans like home or car loans.

• Your identity could be stolen. If you notice unusual movements, accounts and data in your credit report, chances are your identity is stolen and the thief is using your account.

• You need it to rebuild your bad credit rating. It will show how you are progressing in rebuilding your credit history.

Your credit score is also an important requirement in many mainstream loans. Usually, banks would require you to submit a copy of your credit report so they can gauge if you are actually capable of paying the loan you are applying for. However, if your credit score is below their required standard, you may not get that loan.

You can try other venues to get a loan where the credit score doesn’t count as much. Many lenders allow subprime borrowers to get cash loans, although in a slightly higher interest than what most good credit score holders would get. But if the loan is required for an emergency and you can’t wait for the bank’s approval anyway, cash loans are a good way to go since they can be availed online.

But still, make it a habit to check your credit score periodically, whether you intend to get loans or not. Make your credit score a motivation to be better in handling your finances and in opening up more financing options in the future.