Why You Should Want To See Your Report

It should be clear to you by now why you need to monitor your credit report. All the information in your report contributes to your credit score. And your score determines how much you'll pay for the money you need to borrow.

Even more importantly, criminals are turning to forms of identity and credit theft as our society uses less and less hard currency and depends more and more upon electronic exchanges. When the notorious bank robber Willie Sutton was asked why he kept robbing banks, he replied: "That's where the money is!" But these days, that may not be such an accurate statement. Most people have far more money available to them in their credit lines than they have on deposit in a bank. Their assets are more likely to be in their home's equity or their mutual fund than in hard currency. Money comes to them as a piece of paper (a check) or as an electronic deposit, and is likely to be spent the same way. Any criminal who wants in on any of this action has to be able to access your credit or bank account. Believe me, they can and do!

Checking your credit reports regularly is the best way to discourage thieves and will also help you maintain your credit score at the highest levels.

• · Make sure there aren't any accounts you didn't open
• Make sure all your bills are going to the right address.
• Track your payment history - late payments can decrease your credit score.

• Make sure those payments you sent in are credited promptly. Payments you sent in "under the wire" may not have been credited properly.

• If there has been an identity theft, start getting it cleared up right away. The Supreme Court just ruled that you have only two years from the date of the credit inaccuracy to sue - whether you have discovered it or not!

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