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Credit Report Basics
What is a credit report?
A consumer credit report is a document containing a factual record of an individual's credit payment history.
Credit grantors are permitted by law to review credit reports to objectively determine whether to grant a consumer
credit. Lenders usually report consumer credit payment information to the credit bureaus. Most of the information
in a consumer credit report comes directly from the companies consumers do business with.
What is credit monitoring?
Credit monitoring is the act of monitoring your credit report for key changes like inquiries or the opening of new
accounts. Such changes to your credit report could be indications of unauthorized activity like fraud or identity theft.
Why is it important to monitor my credit report?
Your credit report can change daily as creditors and lenders report new information about you to the credit bureaus.
And with identity theft on the rise, it is recommended that you check your credit report regularly for signs of
fraudulent activity. Since mistakes on your report or possible fraudulent activity may affect your credit score,
it is important to monitor your credit report regularly. Credit monitoring will check your report daily and notify
you by email when key changes are detected because early detection is key to minimizing the damage that mistakes
and ID theft can have on your credit. So start with your free credit report today!
About Credit Scores
What is a credit score?
A credit score is a three-digit number lenders and creditors use to determine a consumer's credit worthiness. A higher
credit score could qualify an applicant for lower interest rates and better terms on a loan or credit card, which
could translate into a savings of hundreds or thousands of dollars over the life of a loan or the duration of a credit
card account.
How are credit scores calculated?
Credit scores are calculated based on the data in your credit reports. They can change over time, sometimes on a
daily basis, based on activity and changes to your credit reports. That is why it is important to stay on top of your
credit reports for key changes that could affect your credit scores, something credit monitoring does automatically.
It is the fastest, easiest way to stay on top of your credit, other than pulling your credit report on a daily basis.
