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Money/Finance

Why should I monitor my credit every year?

SPONSORED

Your credit report has an impact on much of your life, from buying a home to applying for a loan and how much interest you will pay.

According to a study by the National Foundation for Credit Counseling, nearly two in three adults do not get an annual credit report.

Knowing your credit score can help you with your expectations of your ability to obtain credit from a credit card or car loan, even a home loan,” said Rob Kahn, President of FNNB Bank.

Here are 3 reasons to check your credit report every year.

1. There is no cost.

Under the Fair and Accurate Credit Transactions Act of 2003, you have the right to view your credit reports from each of the three major credit bureaus for free once every 12 months.

Checking your credit report does not hurt your credit, and the process only takes 10 minutes. The important piece is make sure it is free and you are not required to commit or sign up for anything long term.

2. Uncover issues and dispute errors.

Viewing your credit report will allow you an opportunity to review for accuracy. Verify there are no accounts reporting on your credit are not yours as these could be fraudulent or simply old and never closed out correctly.

“With today’s world becoming more and more technology based, it’s important to know that you information is protected and accurate. Checking your credit can add another layer of ensuring your identity is protected,” Kahn said.

3. Protect your future

Good credit has the potential to save you a lot of money in interest payments. If you are happy with your credit, by reviewing your report annually, you can continue to protect yourself year-round.

If you have poor credit, reviewing your credit report will help you figure out how to best rebuild it by looking at which negative factors are bringing it down.

FNNB Bank : 100 N. 2nd Ave. W., Newton, IA 50208 : 641.792.3010 :  www.fnnbbank.com