Is it healthy to check credit score frequently?

It is always a good habit to keep reviewing one’s credit report to ensure everything is fine. Even consumers with high credit scores must be diligent about maintaining their score and avoiding small credit mistakes that cause significant damage. Probably, the applicant may come across a neglectful account which could be pulling him down, or he may find an error on the credit report, or even worse, he could discover a fraudulent activity.

It is important to understand that the credit score is the applicant’s credit behaviour reflection and has a significant impact on the future dealings.  However, certain misconceptions are afloat among consumers regarding checking credit scores and one of them is whether it is ‘ok’ to check credit score. In this blog, we tell you why it is important to check credit scores at regular intervals and why it is important to monitor credit scores for any fluctuations that signal red flags in your credit behaviour. In addition to this, it is the right of the consumer to be proactive about managing and reviewing his credit health.

Surveys in the recent past reveal that of people who check credit score 12 or more times a year are almost twice as likely to improve their credit score as those who checked their score only once. Those who checked their credit score most often were most likely to report improvements to their scores.

The applicant’s credit report provides information for lenders about his payment strategy, his current and past credit mix, and whether his accounts are (or have been) in good standing. This information can help determine the terms the applicant is offered when he seeks new or more credit. Of course, a specific score doesn’t guarantee that the applicant will be approved for credit or get the lowest interest rates, but knowing where they stand may help them determine which offers to apply for.

Legally, the applicant is entitled to a free credit report once a year. The applicant can also make use of free ‘check credit score’ websites. Also, there are some credit score providers that can be approached to help the applicant know his credit scores after paying a monthly subscription fee.

However, reviewing credit scores could be a lengthy process. The applicant needs to request credit bureaus for his credit scores which could be availed right within just a few minutes.  

So, let us remember that regularly scanning of credit score help encourage the applicant to improve it. Thus, the applicants can go ahead with checking credit scores as often as they like as they have nothing to lose and tracking the progress over time will give them more insight into what’s affecting their credit.

For further information, log on to https://creditsscore.in.