Check Your Free Credit Score & Improve Your Finances'/
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Your credit score plays an important role in your financial life, impacting nearly every financial decision you make: from how much interest you will pay on your home or car loan, to getting the best credit card with the lowest interest rate and best reward perks. Because your credit plays such a crucial role in your financial well-being, it’s important to keep tabs on it regularly to know what your credit score says about you.

Still not convinced? Here are five reasons why checking your score at least once a month is so important.

Better Scores Mean More Savings on Interest

A good credit score puts the buying power in your hands, giving you access to lower interest rates and savings opportunities that just aren’t available to those with lower credit scores. And if you factor in the current economic conditions and recent recession, credit scores are even more important than ever. Before the credit crunch a credit score of 720+ would get you the best interest rates, but these days, many lenders are reserving the best interest rates and financing deals for credit scores of 750 or higher. Simply put, better scores mean more money in your pocket.

Credit Scores Fluctuate

Your credit score changes depending on the actions you take and the information your lenders and other institutions report to the credit reporting agencies. Fluctuations in your credit utilization –the proportion of your balance to your credit limits on your credit card accounts, new account openings, late payments, collections, judgments and liens are all examples of reasons why your score could change. And remember, the three major credit reporting agencies — Experian, Equifax and TransUnion — receive updates on your accounts once every 30 days.

Know Where You Stand

The first step to taking control of your finances and building your wealth is to understand where you stand credit wise. Checking your credit score and understanding what is reported to the bureaus will give you a clear picture of where you are, along with actionable steps to improve your credit score and maximize your savings potential to reach your financial goals.

Mistakes Happen

The credit bureaus maintain millions of consumer credit files and mistakes happen, often. By checking your credit score and report once a month, you’ll be able to see what is being reported by your lenders and pinpoint any discrepancies and correct mi errors immediately to take corrective action.

Identity Theft

There’s no surefire way to prevent identity theft but if you catch it immediately, you can minimize the damage and save yourself a much larger headache later. Notice a sudden and unexpected drop in your credit score? Review your credit report for any suspicious activity. Unauthorized account openings or sudden balance increases on a credit card that you may not have authorized are often indicative of credit card fraud.

Check your credit score regularly to keep track of your financial progress, spot credit mistakes and start leveraging your credit to maximize your financial well-being. With Credit Sesame, you get monthly access to monitor your free credit score — no trial periods, no strings attached. We give you an easy solution for managing your credit and building your wealth with personalized savings advice, all in one place – and it’s truly free, no credit card required, ever. Sign up with Credit Sesame and get your free credit score »

You can trust that we maintain strict editorial integrity in our writing and assessments; however, we receive compensation when you click on links to products from our partners and get approved.
Published March 27, 2012 Updated: December 28, 2012
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