Credit Report Review: Is it worth my time?

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Credit report review
Find hidden savings with a credit report review.

“Why should I get a credit report review?” is a simple question with a number of answers.

Protect your identity

Perhaps most obviously, you should get your credit report reviewed to protect yourself from identity theft.  By reviewing your credit report you can double check that your account balances are correct, that you initiated your open accounts and that your inquiries reflect your requests for credit.

If one or more of these areas seems off, you can then dispute the information with one of the three credit reporting agencies from which you received the report. If fraudulent activity has occurred, or you believe you may be susceptible to fraud, consider placing a security freeze on your file.

Before a major purchase

You might also want to get your credit report reviewed is if you are about to make a major purchase that involves a loan (such as a car or a house), or you’re applying for jobs. Companies may check your credit history as part of the application process, as FICO scores are becoming greater indicators of responsibility and reliability.

Save money

A third, equally important reason is to save money. By having your credit report checked annually, you can essentially ensure that you’re getting the best credit you can, year after year. Here are three real-life examples of how we have recently helped DCCU members save money:

  1. A member recently came into the branch to reset her PIN, and we discovered that she had just purchased a car and financed her auto loan through another bank at 2.91%. We were not only able to approve her loan, but beat her current rate by .50%.
  2. Last week, a member came in to Dane County Credit Union to talk about homeownership and mortgage rates with a member service representative. We became aware that the member had an auto loan with an different lender and was open to learning how we could save them money on that loan, which had been open for over 2 years. DCCU was able to beat the member’s current rate of 3.97%, saving them $505 in interest on the remaining 49 months, as well as $10 off their monthly payment.
  3. A member called to check his account balance, and we noticed that there was an auto payment going to another auto finance company. Of course, we asked the member if he’d allow us to see how much money we could save him on that auto loan. Even though the member’s credit score was in the low-600s, we were able to lower his interest rate to from over 20% to 8.99%, saving him over $8,000 in total interest and $119 on his monthly payment!

The best reason for why you should get your credit report reviewed, however, is because it’s a free service that we at Dane County Credit Union offer! That’s right: As a part of our credit counseling services, we offer one-on-one credit report reviews, wherein we can help our members correct report inaccuracies, refinance credit accounts to save money, as well as offer advice on ways to improve FICO scores and identity theft protection.

Sign me up!

To get your credit report reviewed for free by our friendly, knowledgable credit experts, request your free annual credit report from AnnualCreditReport.com — the only authorized website for free annual credit reports — today, and set up an appointment by calling us at 608-256-5665, emailing us at [email protected] or stopping in at one of our Madison branches.

Learn more about how to get your free annual credit report.

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Published by

Tom S.

Tom is a 2006 graduate of UW Madison, currently residing in Verona with his wife and 2 girls. He has been passionate about writing ever since he was 15 years old, and displays that same enthusiasm in his work today. When he’s not sharing insightful financial wisdom, you can find Tom chilling on the Union Terrace, enjoying craft beer at the Great Dane, or hiking at Governor Nelson State Park. In the Fall he loves to take his family to Badger Football games!