Five Reasons to Check Your Credit Report Today

When it comes to buying a new vehicle, landing that dream job, or even applying for homeowner’s insurance, regularly reviewing your credit report can make a huge difference in achieving your financial goals. Here are five reasons you should check your credit report at least once every year.
It’s free – Federal law allows you to request a free copy of your credit report every 12 months from each of the three credit reporting agencies – Experian, TransUnion, and Equifax. To request a free report, visit Annual Credit Report. Be sure to check your report for errors, inaccuracies, and incomplete information.
It can help you rebuild and maintain good credit – Regularly reviewing your credit report will help to ensure you’re in good shape when the time comes to apply for a new credit card or vehicle loan, as well as enable you to monitor your progress if you are recovering from any past credit problems. Plus, it could potentially save you thousands of dollars in interest payments over the course of your life.
It’s often the first indicator that you are a victim of identity theft – With the recent Experian data breach,  we advise checking your credit report for suspicious activity, unfamiliar names and accounts, and incorrect Social Security Numbers. Regularly reviewing your credit reports can help you detect problems associated with identity theft early and even prevent future misuse of your identity. If you think you may be a victim of fraud or identity theft, be sure to contact BHFCU and each of the national credit reporting agencies.

**Get more information on identity theft by going to the Federal Trade Commission website. Or, visit South Dakota Consumer Protection for information about local scams, identity theft, and consumer alerts.
It’s part of managing your personal finances – You should review your credit report just like you do your bank statements and credit card bills. Managing your credit is essential to your financial health and well-being. It can also alert you to potential issues that need to be resolved, such as if you are a cosigner for your child’s credit card and he or she is late on a payment. Unless your child informs you of the late payment or gives you access to their account, you may not find out until it negatively hits your credit report.
It’s the first step in correcting any information you feel is inaccurate – Be sure to fix any mistakes as soon as possible. Your personal credit report comes with instructions for submitting disputes and contact information, including a toll-free telephone number, internet address, and mailing address.
Have questions about your credit report? Feel free to give us a call at 718-1818 or 1-800-482-2428. At Black Hills Federal Credit Union, we’re dedicated to improving lives by helping you reach your financial goals.